29 Jan '15, 5am

Bitcoin comes to the rescue of Filipinos who work for US companies

Philippine workers who receive their salaries from abroad feel a pinch not just from exchange rate fluctuations, but also expensive money transfer services. Addressing this problem are several new payment solutions, which are helping drive remittance costs down. California-based Bitwage , for one, launched a Bitcoin-powered payroll service that allows American companies to pay workers outside the US in their local currencies. The company struck a partnership with Philippine Bitcoin exchange Coins.ph . Bitwage’s payroll platform accepts and pays out fiat money, but uses the Bitcoin blockchain for transferring. Workers in the Philippine who sign up to the Bitwage system are automatically furnished with a bank account in the US where their employers can deposit their pay. Bitwage then leverages the Bitcoin blockchain to transfer the value from the US to the Philippines. Essen...

Full article: https://www.techinasia.com/bitwage-coinsph-bitcoin-payrol...

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