Australian Bitcoin exchange igot.com plans to partner with billers such as utility companies, real estates or landlords, phone and Internet providers to enable users to pay their bills and rent.
The new features ‘Pay Bills’ or ‘Pay Rent’ are now available. Bitcoin payments are linked to a user’s everyday personal banking account and billers are paid directly.
Because Bitcoin transaction fees being much lower than those with traditional banks, more and more users are demanding the digital currency be made available for managing everyday living expenses, said Rick Day, co-founder of igot.com.
“The most attractive [benefit is] lower processing fees on transaction costs, with savings of up to 7 to 8 per cent in some instances,” he said in a statement.
“The adoption of bitcoin will only increase as more users realise its value in market as a reliable financial tool that offers an alternative to money or cash.”
Earlier this month, igot.com launched its first online exchange in the United Arab Emirates to tap into UAE’s reported $25 billion remittance payments market.
The idea is to help Australians who work in the UAE transfer money back home without incurring huge costs, which can normally be around 10 per cent per transaction, according to Day.
The UAE government, however, is considering imposing a tax on money leaving the country.