By
Mayowa Adebajo
February 23rd, 2024
Intuit has announced the expansion of its PayByCoin service in Australia.
Intuit, a software company based in California, has launched its PayByCoin service in Australia, enabling the users of QuickBooks Online software to accept payments in the digital currency.
The move may contribute to the expansion of digital currency in Australia in the future and urge other companies to enter the bitcoin industry.
“QuickBooks Online was the first cloud accounting solution to enable small businesses to accept bitcoin payments and we believe this offering will deliver fresh opportunities for our small business customers,” said Nicolette Maury, a managing director of Intuit Australia.
“It provides an efficient, safe, and seamless payment option that doesn’t sacrifice their revenues in credit card transaction fees,” she added.
Intuit noted that whilst offering connectivity services to add cryptocurrency transactions, the company itself will not hold any money related to the PayByCoin transactions.
“We’re always looking for ways to help our customers grow their business and part of that is helping them get paid in any way they choose,” Maury said.
“We see the introduction of PayByCoin as a fantastic step in our broader payments strategy which is set to deliver more innovative solutions in the year ahead.”
In addition to low transaction fees, PayByCoin includes a number of other benefits, such as high speed of payments and low risk of frauds.
QuickBooks Online will work through the global payment processor BitPay, which will allow customers to issue and pay invoices in bitcoin.
In 2014, BitPay, together with GoCoin and Coinbase, partnered with PayPal, one of the globe’s largest internet companies, to start accepting the digital currency from the PayPal Payments Hub.
In December, BitPay also cooperated with Microsoft to allow customers making purchases with cryptocurrency in the Windows Store.
Opened in 1983, Intuit has become one of the leading providers of finance software, helping people to manage their personal finances, operate small businesses and pay employees. The company’s revenues amount to more than $4 billion per year.
The announcement was made just few days after the Californian lawmakers have banned unlicensed bitcoin companies to operate in the state. Legislators from all over the world differed in their opinion on the new bill. While conservatives are not supporting bitcoin, the progressive authorities are, on the contrary, stand in defense of it.
“This Bill would prohibit a person from engaging in this state in the business of virtual currency, as defined in this state, unless the person is licensed by the commissioner of business oversight, or is exempt from the licensure requirement, as provided,” the Bill says.