As of Thursday, crypto holders in the US will be able to pay bills and taxes with the world’s largest cryptocurrency, Bitcoin.
Bitrefill, the crypto-only web platform, announced on Thursday that its Pay Bill service is now available to users in the US. Pay Bill is a feature that allows people to pay their bills and other payments using a wide selection of the most popular cryptocurrencies in the US. world.
Besides Bitcoin, the users can also pay their bills and taxes with Ethereum, Litecoin, Dogecoin and Tether (USDT) stablecoin among others. Bitrefill first launched this offering after El Salvador passed the Bitcoin law in September 2021, making Bitcoin legal tender in the country.
The Pay Bill service works with auto loans, healthcare, credit card bills, utilities, mortgages, social security payments, and has integrations with financial entities and companies such as State Farm, Wells Fargo, Liberty Mutual, T-Mobile, American Express, and United Healthcare, to name a few. to name. The company also noted that this feature will allow users to pay for real estate and other taxes, as well as cryptocurrency funeral services.
Due to scaling limitations, the Pay Bill service will initially use a waiting list and users will access the offering through Bitrefill’s mobile app for Android and iOS devices on a first-come, first-served basis. The company said it is working as soon as possible to lay the groundwork for inviting new customers.
For US users, Bitrefill requires authentication by requiring them to provide proof of US residency and ID. The company charges a 2 percent convenience fee on the total amount of bills paid to cover the processing costs of each bill.
For the company’s US launch, it has partnered with Arcus Financial, a regulated payment platform that provides checkout and withdrawal services for financial institutions, billers and retailers in the US and Mexico, which was acquired by Mastercard last November.
“No banks are needed to live on crypto with thousands of account holders. The easiest way to pay your bills,” Bitrefill said on its website, announcing the launch of the service in the US.
Bitcoin was trading up 0.82 percent at $39,686.41 with 24-hour volume rising 0.74 percent as of 10:37 p.m. ET on Thursday based on CoinMarketCap data.