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Screenshot of a breaking news alert e-mail from Q2 2017
BitPay has just announced a new partnership with Hanover-based bitcoin payments company PEY. PEY will be using BitPay’s bitcoin payroll API to offer bitcoin salary and benefits payments for businesses in Germany.
Early last year, PEY integrated BitPay’s payment gateway API into bitcoin payment terminals used by German merchants. Since then, PEY has been seeking to offer a comprehensive end-to-end payment solution for bitcoin-accepting merchants and bitcoin users. Offering a payroll solution marks the next step in PEY’s plan.
PEY is starting the bitcoin payroll rollout with German tech publication t3n, which will allow employees to opt in for bitcoin salary payments as well as an additional tax-free benefit of up to EUR 44. If the launch of the service in Germany is successful, PEY plans to expand the payroll offering to companies in other European countries.
In its announcement on the collaboration, BitPay notes that bitcoin is not yet considered legal tender in Germany. That is why 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.
Other companies using the bitcoin payroll API, which BitPay launched in 2014, are US-based HR platform Zuman and Canadian gaming marketplace OPSkins.
You can view the full announcement from BitPay by clicking here.