Blockchain fintech company Bitwage which functions primarily in European and US markets, has partnered with Bitso, which is a bitcoin based payroll service and exchange platform. This partnership is for expansion of Bitso’s wage solution in Mexico. It will enable Bitso to exchange bitcoin with Mexican peso. This service is targeted at freelance workers who can now opt for international work opportunities and receive payments with cheaper transfer fees and better exchange rates. Earlier this year, Bitwage rolled out its payroll services Bitwage Payroll in Europe that allows employers to choose the type of currency in which the workers can be paid. While Bitwage is expected to benefit due to market expansion from this partnership, Bitso will have solution enhancement that is likely to attract more consumers.

1. Blockchain based payroll cards are gaining
momentum; Bitwage partners with Bitso for Bitcoin
based payroll services
Analyst View Point Series

2. Table of Contents
Market Context
Key Insights

3. Market Context
Blockchain fintech company Bitwage which functions primarily in European and US
markets, has partnered with Bitso, which is a bitcoin based payroll service and
exchange platform. This partnership is for expansion of Bitso’s wage solution in
Mexico. It will enable Bitso to exchange bitcoin with Mexican peso. This service is
targeted at freelance workers who can now opt for international work opportunities
and receive payments with cheaper transfer fees and better exchange rates. Earlier
this year, Bitwage rolled out its payroll services Bitwage Payroll in Europe that allows
employers to choose the type of currency in which the workers can be paid. While
Bitwage is expected to benefit due to market expansion from this partnership, Bitso
will have solution enhancement that is likely to attract more consumers.

4. Key Insights
Payroll cards are gaining popularity in Mexico. With nearly 100 million working adult
population, the growth opportunity is significant. According to PayNXT360’s latest
report, the country's payroll prepaid card market in terms of transaction value is
expected to record a CAGR of 28.8% during 2016-2020 to reach US$ 2,686.5 million
by 2020. Over the last five years the sector has recorded a CAGR of 43.3%. SMB is
going to be a key segment for payroll solution providers to drive growth. Companies
such as Bancomer, Banamex, Satander and Banorte are some of the leading players
offering payroll solutions.

5. To Know More
To know more and gain deeper understanding of
prepaid gift card industry in Mexico, click here.