Although the popularity of crypto currencies continues to rise, few companies are offering this payment method due to regulation and compliance concerns. Papaya is able to solve this issue by limiting the Crypto currency payment to 30% of the employee’s net salary. This way Papaya ensures that organizations stay compliant with local tax and reporting regulation while also regulating employee’s salary allocation to such a volatile and new currency.
The addition of such a supported payment method is a huge employee benefit. Employees in areas where local currency fluctuates rapidly, such as Turkey, China, Russia, Brazil and more, particularly benefit from the new payment model and it may ease global expansion plans for companies into those countries.
The addition of cryptocurrency payments improves the already robust Papaya Global solution which simplifies and enhances transparency between companies, global employees and local providers. Letting companies pay their employees using cryptocurrency is groundbreaking news for employers and employees alike
By enabling partial virtual payment, we are able to keep our clients compliant within their global operation while creating added benefits for their employees.
