Top 10 companies offering crypto-payments powered by Blockchain Network to their employees
Money Transfer Service or Remittance has been always dominated by various companies such as MoneyGram and Western Union. But apart from them, fintech startups and new players are putting up a tough competition by offering other forms of money transfer services.
With the introduction of blockchain and digital currencies, companies are not holding back from adopting different cryptocurrencies such as bitcoin, ethers, HCXand XRP for remittance services and overseas corporate payments. Organizations are using blockchain based product such as HC Corporate Payment which offers cross-border corporate payment services.
With this kind of service, companies are trying to solve problems ranging from limited money distribution, limited deals with money, limited brand options, to high transfer cost.
Though the market for cryptocurrency is still emerging, it promises a huge potential when it reaches mass migrant populations in the future.
Here are 10 companies offering crypto-payments to their employees
1. Abra: This Company was founded in 2014 and it provides person to person money transfer with the help of an application. This particular application facilitates its users to store digital cash, which can be valued in any currency by using a debit card or through an “Abra Teller”, directly on their mobile device. It is not mandatory for the user to have any kind of bank account in order to use this service. Funds can be send by any user to anyone instantly via Smartphone. Cash can also be withdrawn by the recipient from the application via a teller. The company uses bitcoin as back-end infrastructure but all funds are denominated in US fiat currency. In Series A financing, Abra has recently raised over $12 million. Investors in the rounds include First Round Capital, RRE Ventures, and Arbor Ventures.
2. Align Commerce: This is a PSP (Payment Service Provider) that facilitates payment and business platforms to receive and send payments using the blockchain as a new mode of settlement.
3. Bitspark: This is a company based in Hong Kong that provides an end to end blockchain powered Money Transfer Service.
4. Coins.ph: This bitcoin exchange company, founded in 2014, offers a kind of bitcoin wallet application that facilitates users to sell and buy bitcoins. It also works in case of mobile remittance service by transferring bitcoins into Philippines pesos.
5. Rebit: This is the service of Satoshi Citadel Industry. It aims to provide a better payment facility at a lower rate. It accepts bitcoin from the sender and then it delivers to the recipient as pesos.
6. CoinPip: Money can be sent quickly and safely using blockchain technology. This company charges a flat fee of 2 percent only.
7. Hellobit: This company provides a bitcoin-based money transfer service and aims to reduce the fees that is charged to the customers.
8. TransferB: This is a startup company that uses the payment network of bitcoin in order to send faster payments at a cheaper rate.
9. BitPesa: This business provides an effective way to collect and send payments to and from Africa. The employer can send money to their suppliers, distributors and employees.
10. Romit: This company has remittance software that uses blockchain to facilitate money transfer between Mexico and Argentina at low cost.
Companies who do not have their own blockchain platform for facilitating payments can hire blockchain firms who offer this particular service. HC Remit by HashCash is used by several financial institutions and corporate houses to offer cross-border remittance service using HC NET blockchain network.