Safer, Faster, Cheaper: Blockchain Simplifies Receiving International Wages
More effective transaction processes and lower charges encourages Nigerians to seek cross-border employments amidst harsh local economic conditions. Jonathan Chester, President of Bitwage, says to Cointelegraph: “When it comes to the unbanked, now they have a way to receive international wages in a convenient and scalable fashion. There is nothing scalable or safe about needing to go to the same cash withdrawal location on every payday, to grab a bag of cash which you need to smuggle back home to hide underneath your bed.” The nation’s failing economy. The dwindling economic situation has....
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According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees.
Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective
During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained....
Bitwage is an international bitcoin payroll provider. The company offers a service that enables users to receive their wages in bitcoin. Bitwage is trying to introduce the future of international payroll. Companies using Bitwage can reduce payroll costs, and other benefits while being able to increase visibility into the payment process. Bitwage developed an app that simplifies the payroll process for people working abroad. The company allows employees to both receive a wage and pay for goods and services in Bitcoin. Through Bitwage, people no longer need to have a bank account to receive....
Stanford professor David Mazières thinks he has a faster, more flexible and more secure alternative to Bitcoin, MIT Technology Review reports. Two independent reviewers, from Stanford and Cornell universities, agree that the new technology could make digital payments and other transactions cheaper, safer and easier. Alternative blockchains are often dismissed as worthless "me-too" copycats or scamcoins, which, unfortunately, has some element of truth. But Mazières' approach deserves a place among the serious alternatives to Bitcoin that have been proposed, alongside Ethereum and Ripple.....
Indian bitcoin exchange Unocoin is ramping up its fervent push for bitcoin adoption in India. A new partnership with San Francisco-based bitcoin payments company Bitwage will see Unocoin integrated into the payments platform, enabling India-based workers, employees and businesses to receive wages from foreign businesses faster and at better rates. “For instance, an employee receiving $1,000 USD sent to India could receive 70250.00 INR with Bitwage, far more than an estimated 64481.60 INR through Paypal or approximately 65660.00 INR via Citibank India,” claim Bitwage and Unocoin. Bitwage....
In April, Bitcoin Magazine reported that global payment provider Align Commerce launched a public beta of its payments platform, the first in the industry to use the Bitcoin blockchain transparently to enable faster and cheaper global payments. Transactions appear as traditional payments at both the sending and the receiving end, but Align Commerce pipes the transfer through the blockchain instead of using several intermediate banking relays, halving both time and cost of traditional international wire transfers. Now Align Commerce announced that it has raised a $12.5 million Series A....