Unocoin partners with Bitwage to enable bitcoin payroll in India
Wed 21 Dec 2016
A new partnership between Indian bitcoin exchange Unocoin, and San Francisco startup Bitwage will allow Indian employees to receive foreign payroll payments in bitcoin.
Bitwage specializes in international wage payments, using blockchain technology to make international payroll fast, easy, and less expensive. Now, when an Indian-based contractor or business signs up with Bitwage, a Unocoin account will be automatically generated for the user.
By integrating Unocoin into the Bitwage payments platform, Indian workers and businesses can be paid in bitcoin rather than in traditional currency. This will allow payments to be made from foreign businesses more quickly and at better rates.
An example generated by Unocoin shows that an employee paid $1,000 USD would receive a payment of 64,481 INR if paid through PayPal, or 65,660 INR if paid through Citibank. Conversely, an employee paid through Bitwage to a Unocoin account would receive 70250 INR.
Sunny Ray, co-founder and president of Unocoin, said, “The demand for Bitcoin in India is tremendous. Together with Unocoin, Bitwage is giving foreign employees in India an unprecedented arbitrage opportunity, so they can take home far more money from the same paycheck than ever before.”
Currently, Bitwage supports payments to Indian companies or contractors generated in the United States, Europe, and the United Kingdom. The Bitwage platform uses bitcoin to transfer payments that are credited either as local currency or as cryptocurrency, even if the payment is not generated using bitcoin.
Earlier this month Unocoin launched mobile applications for iOs and Android devices, allowing users to buy, sell, receive and store bitcoin all from their mobile device. This move was timely, capitalizing both on November’s demonetization drive and on the prevalence of mobile devices throughout the country.
CMO and co-founder of Unocoin Abhinand Kaseti said, “As of now, there are more than one billion Indians who use mobile phones. More than 300 million use their phones regularly for accessing the Internet. This trend is expected to go up by 56 percent per year. We focused on creating a design and interface that provided a seamless user experience on mobile.”
Cryptocurrency is increasing in popularity in India, as the recent demonetization drive has created uncertainty with traditional currency. For Unocoin itself, visitors to the site have increased from 4,000 per day to over 14,000 on average, as people become more interested in cryptocurrency as a legitimate alternative to traditional currency.