Income tax payers in the U.S. now have the option to receive their federal and state refunds in .
payments processor Bitpay announced the on Tuesday, saying that the firm has partnered with U.S.-based taxation services provider Refundo for the service.
Refundo can choose to receive all or a portion of a tax refund in using its CoinRT product. Taxpayers will have to set up an account to get a unique routing and account number to input on their tax return, according to the announcement.
They will also have to provide necessary background information for know-your-customer (KYC) rules, as well as a address. Once the Internal Revenue Service (IRS) or state has deposited the refund, BitPay will process the payment and send to taxpayers’ wallets.
The service is touted as primarily focusing on serving the underbanked community with faster payments and lower transaction fees.
Refundo CEO Roger Chinchilla commented:
“Adding was a natural fit for our who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get quickly and easily for one flat fee.”
Refundo’s website says the CoinRT service costs $34.95 per payment, while BitPay normally charges 1 percent for its service. CoinDesk has reached out for clarification on the overall fee in this case and will update this article if and when the information is made available.
Founded in 2011, Bitpay processed over worth of transactions last year. The firm has previously partnered with a and to help them accept taxes in .
Most recently, Bitpay also with a municipality in Canada to accept for property tax payments in a one-year trial.
image via Shutterstock
Published at Wed, 01 May 2019 11:08:47 +0000
