Today we're excited to share a new partnership with Hanover-based bitcoin payments company PEY. PEY has announced that it will be using our bitcoin payroll API to offer bitcoin salary and benefits payments for businesses in Germany.
We previously covered PEY early last year when they integrated our payment gateway API into bitcoin payment terminals used by German merchants. Since then, PEY has been working to offer a complete end to end payment solution for bitcoin-accepting merchants and bitcoin users. Offering a payroll solution will be the next step in PEY's plan.
PEY is beginning its payroll rollout with leading German tech publication t3n, which just announced their decision to allow employees to opt in for bitcoin salary payments as well as an additional tax-free benefit of up to 44 euros. After a successful German launch, PEY plans to expand their payroll offering to companies in other European countries.
Bitcoin offers a significant improvement over other methods for business payroll payments and payouts. Since transactions confirm in minutes and can be transmitted more securely than other online payments, businesses can use bitcoin to make both local and international payments faster and more affordably than through bank transfers.
PEY is taking the advantages of bitcoin payroll and adding more value through its unique position in German payments. Since bitcoin is not yet considered legal tender in Germany, employers using PEY will be able to offer bitcoin as a tax-free benefit to their employees. Employees opting to receive bitcoin as this benefit or as a portion of their regular salaries will be also able to use it to shop at local merchants and online businesses using the PEY app to accept payments.
PEY will be one of the latest companies to start using the bitcoin payroll API we launched in 2014, alongisde US-based HR platform Zuman and Canadian gaming marketplace OPSkins, which uses BitPay to issue more than $40,000 in bitcoin payouts daily.
Want to get started with offering bitcoin payroll or payouts in your payment platform? Visit our payroll and payouts page and email email@example.com to talk to a member of our team about bringing bitcoin payouts to your company. If you want to start offering payroll to your employees, check out PEY's new payroll offering at https://pey.de/payroll.