As remote work becomes more commonplace, the demand for seamless cross-border payments is skyrocketing. OneSafe is leading this charge with solutions that cut down on transaction costs while simplifying compliance for freelancers in emerging markets. Let’s take a closer look at how OneSafe is changing the landscape of global payroll and making it easier for businesses to tap into top talent around the globe without the usual banking headaches.
The Hurdles of Business Cross-Border Payments
For many small and medium enterprises (SMEs) in Nigeria, making business cross-border payments is a real pain point. Traditional banking can eat up 7-10% in fees, not to mention delays that stretch on for days or even weeks. For startups looking to hire remote developers or sales staff in Africa, Europe, or further afield, these obstacles can stifle growth. The naira’s currency volatility adds to the chaos, complicating stable salary payouts. Enter crypto payroll, which leverages stablecoins to ensure quick and affordable transfers—usually under 1%—that settle in minutes.
OneSafe saw this need early on: their Africa-based salesperson requested crypto payments to bypass local banking hassles, leading to a platform designed for Web3-native businesses.
OneSafe's Game-Changing Global Payroll Solutions
Founded by Chris Shei and Brian Ko, OneSafe serves as a crypto-friendly neobank, processing over $200 million in transactions for 400+ global clients. They developed a platform that merges crypto rails with banking, enabling effortless salary payments in stablecoins or a handful of fiat currencies.
The implementation process is straightforward:
- Easy Onboarding: Businesses can issue virtual cards and manage expenses without long setup times, verifying transactions globally with OTPs across 230 countries, achieving a 95% delivery rate.
- Automated Crypto Payroll: Salaries are converted to stablecoins and paid out in real time, slashing costs and broadening the talent pool to tech-savvy global hires.
- Compliance-Centric: Strong KYC/AML protocols and partnerships with local entities ensure adherence to regulations as Nigeria’s crypto landscape evolves.
This methodology has sped up OneSafe's payroll cycles, allowing them to hire talent internationally without disruptions.
Advantages of Instant Stablecoin Payments
OneSafe’s approach comes with several benefits over traditional banking methods:
- Lower Transaction Fees: With fees dropping to less than 1%, companies can significantly cut down on payroll expenses.
- Quicker Payment Processing: Payments that used to take days or weeks can now be completed in minutes, improving employee satisfaction and retention.
- Global Talent Reach: By enabling payments in stablecoins, OneSafe allows companies to hire remote talent from around the world, including Web3 experts who value innovative payment methods.
Case Studies: Crypto Payroll Success Stories
The model has prompted many Nigerian SMEs to embrace crypto payroll, hinting at a larger shift in the ecosystem. For example, one tech startup that previously struggled with high banking fees and slow payments found that using OneSafe not only improved their payroll efficiency but also attracted top talent globally.
Future Outlook for Nigeria’s Crypto Boom
OneSafe's path suggests widespread adoption: SMEs could save millions in fees each year while accessing global talent amid naira's instability. As regulations mature, platforms focused on compliance will likely take the lead in reshaping payroll practices in Nigeria and other emerging markets.
Summary: Welcoming Crypto for Global Payments
The success story of OneSafe highlights the transformative potential of crypto payroll solutions for cross-border payments. By addressing the issues faced by SMEs in emerging markets, OneSafe is carving out a new chapter for global payroll that is efficient, cost-effective, and compliant. As more businesses recognize the advantages of adopting crypto payroll, the future of payments in Nigeria and beyond seems bright.
