The US based crypto company, Bitrefill’s new bill payments service enables US citizens to pay their bills and taxes with cryptocurrency.
This service commences from Thursday and Bitrefill customers in the U.S. can use it to pay their credit card bills, healthcare, utilities, mortgage payments and 20,000 other various bills with cryptocurrency. Currently the limit is $10,000 per bill.
“Just like the streaming video services allowed people to ‘cut the cord’ from their cable provider, this lets users take a big step towards cutting the cord with their bank and live bankless” Bitrefill said in a statement.
This offering was released after El Salvador’s Bitcoin Law was introduced in September which made peer-to-peer (P2P) digital currency into a legal tender in the country. Bitrefill said its bill payment service has been growing at exponential rates between 100% and 200% per month since.
A waitlist feature has been put in motion on Bitrefill’s website where users can register to enable the service. The registered users will be granted access to the offering on Bitrefill mobile apps for iOs and Android on a first come first serve basis.
Customers will be able to pay multiple bills with only one payment as Bitrefill will allow adding multiple bills to the platform’s “cart” before checkout.
“Once your payment is confirmed, your bill is sent for processing and the balance on your bill account will be credited within 3 business days. We’ll send you a confirmation email with details of your bill payment” the company stated.
The company aims to encourage users to adopt cryptocurrency in their daily life. Bitrefill believes that users should be able to view cryptocurrency as real money and receive salaries, pay bills, lend funds, and exchange it for products and services.
Bitrefill plans to charge a 2% convenience fee on the total bill paid to cover the cost of paying and processing each bill payment “as those are not discounted by the provider or payee.
“They say there are only two certain things in life – death and taxes. Now you can pay both your tax and funeral costs with crypto,” Sergej Kotliar, CEO of Bitrefill, added.
Companies from all fields are recognising the potential of crypto payments and are working towards enabling it for its consumers. Earlier this week, the UAE real estate giant, Damac also permitted its users to pay via crypto for properties.