Contractors, employees and employers register on Bitwage and select INR as their currency. A Unocoin account is automatically created. Indian employees can receive wages in INR from American, European and UK companies including Uber, Facebook, Google and Airbnb.
Because bitcoin is the transfer mechanism, recipients keep more of what they earn, the companies said. In the example of $1,000, a recipient can keep more than INR 5,500 more than they would have with other popular options.
Bitwage is powered Unocoin’s new API and is available on all web, iOS, and Android applications.
Unocoin cofounder and president Sunny Ray knows from personal experience that better solutions were necessary.
“I grew up in Canada watching my father send money back to our family in India. Now along with my cofounders we created Unocoin to solve the problem of expensive fees and drawn out transaction times. This is just one way that digital currency can dramatically help humanity.”