After expanding services in Europe earlier this year, bitcoin payroll and wage payment service provider Bitwage announced its official launch in the UK on Monday.
BitwageBitwage Officially Launches UK Bitcoin Payroll Services offers solutions for remote workers to receive wages in a variety of types of money including bitcoin. Using the service, workers can get paid in bitcoin without having to ask each employer to pay in the cryptocurrency or sign up with Bitwage. They simply give the employers Bitwage's bank account details to receive payments in.
Bitwage claims to have over 13,000 registered workers and have processed over $21.6 million in international wages. Users can invoice employers or clients in the United States (US), United Kingdom (UK), and the (related to Europe) Union (EU). Wages received can be split into any ratio between different bank accounts and bitcoin wallets.
On Monday, the company announced the official start of their services in the UK, stating:
We are now able to offer workers anywhere in the world the ability to receive wages from companies in the UK through local banking partners. This means that our workers can receive wages through Faster Payments, Bacs, Chaps or Fast into local UK GBP bank accounts.
Bacs, Faster Payments, and Chaps Now Supported
Bitwage person (who started a company) and president Jonathan Chester told Bitcoin.com that the company has been beta testing this service. He explained that although the ability to receive wages in British pounds (GBP) existed (before that/before now), it was not done locally and was never publicly launched. Without local UK partners, the service was not (producing a lot for a given amount of money). Chester described/explained:
Before this, we had a banking partner with GBP reporter accounts in Ireland that could receive Chaps, but not Faster Payments or Bacs. This was an expensive solution for possible clients in the UK, so there was very little usage. We have now been working with these same customers during the beta testing of our new local UK services.
Bitwage Officially Launches UK Bitcoin Payroll ServicesChaps is the UK's same-day high-value payment system, now used by 26 direct people (who were part of a study, etc.) including the Bank of England and over 5,000 indirect people (who were part of a study, etc.). Payments are moved (from one place to another) over Fast and settled intraday in central bank money. In 2016 Chap's amounts/quantities reached a record 39 million transactions, worth (British pounds)75.6 trillion.
Bitwage Officially Launches UK Bitcoin Payroll ServicesBacs is responsible for the clearing and settlement of UK automated payment methods, direct debit and Bacs direct credit. The company processed 6.22 billion transactions to UK bank accounts in 2016, worth (British pounds)4.8 trillion. Faster Payments is a UK banking effort to begin (doing something) which uses the Bacs system to reduce payment times between different banks' customer accounts from three working days to a few hours. While Chaps focuses on same-day service for high-value transactions, Faster Payments is custom-designed to the much larger number of smaller payments.
Great post m8 ,I'd love to be paid in btc
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thank you @timcrypto loving too bro :)
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