In an Australian first, tenants are now able to pay their rent using the increasingly popular crypto-currency bitcoin.
For those of you unfamiliar with the term bitcoin, it is a digital currency in which transactions can be performed without the need for a central bank.
This new capability is available through a feature called Pay Bills or Pay Rent with bitcoin and can be found on digital currency exchange platform igot.com.
The feature allows users to make direct bill payments, including credit card, phone and internet bills, utilities bills, council rates and rent, using bitcoin and via a user’s everyday personal banking account.
Founded by Australian Rick Day and Patrick Manasse, igot.com allows users to buy, sell, send and request crypto-currencies safely.
Speaking to Residential Property Manager, igot founder Rick Day said bitcoin exchange was launched in January this year, and the pay rent feature was launched 10 days ago.
“We allow you to pay your bills, as well as your rent, with bitcoin and I believe we are the only company to allow that at this time,” he said.
“It took off in 48 hours – we put on Facebook ‘Hey you can pay your rent and bills with bitcoin’ and suddenly we had a couple of dozen bill payers on day one.
“It has taken off really well,” he added.
As an example, Mr Day said tenants can choose to pay $200 in rent with bitcoin and igot exchanges the digital currency to pay the landlord directly.
"igot.com pays the biller direct, deducting the user’s bitcoin balance based on the current market rate, enabling a fast and efficient transaction,” he said.
“We are also talking to several billers, landlords and property managers within Australia to except bitcoin from us.”