In an announcement yesterday, the cloud based human resources provider Zuman announced that they have partnered with BitPay to become the first HR cloud solution to allow companies to pay their employees in Bitcoin. This is a major development for the crypto-currency as it allows the currency to become part of one of the most crucial aspects of the financial marketplace– salaries. By being able to receive their salaries in Bitcoin consumers will have increased choice and ease with regards to their personal finances. This sentiment was echoed by the CEO of Zuman in a press release.
“Today’s workforce expects mobility, speed and fresh-looking interfaces in all aspects of interaction with their employers. We are thrilled to now empower small- and mid-size businesses with the HR tools that meet the needs of the changing workforce,” (Zuman CEO) Devlin said.
Given the almost instantaneous transaction speed of Bitcoin, this service will allow consumers to receive reimbursement or salary without delay. This reflects the preferences of the modern consumer who expect instant results and gratification.
The service itself allows consumers to choose to receive part or all of their salary in Bitcoin after tax and pre-tax deductions (such as a 401k). Once taxes are taken out consumers are able to tell their employer how much they would like to earn in BTC. Employers then tell BitPay the amount of BTC their employees are requesting and BitPay serves as an intermediary and sends the Bitcoin to the employees wallet. This allows consumers who wish to be paid in BTC the opportunity to easily and effectively do so.
While this service will not be rolled out until after Labor Day, it provides an interesting opportunity for consumers and Bitcoin alike. As stated, consumers will be able to gain increased choice and ease if they wish to take their paycheck in Bitcoin. As for Bitcoin, this move is perhaps another signal of the growing legitimacy and acceptance of the crypto-currency.
Read More- “Zuman Offers First Human Resources Cloud Solution for Consumers to Pay in Bitcoin” (Zuman Press Release)
Read More- “Zuman, BitPay to Offer Bitcoin Paychecks” (Bailey Reutzel, Payments Source)