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Saturday, January 22, 2022

Expense Platform Adds Support for Digital Currency

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U.K.-based expense management provider ExpenseOnDemand now supports digital currencies over its platform, the company announced, and claims to be first such platform in the world to do so. 

ExpenseOnDemand, which focuses on serving the SME sector, has enabled client companies to reimburse employee expenses in Bitcoin and other digital currencies. Clients also can advance employees funds via digital coins and reimburse for employee purchases made via such currencies, according to the firm. 

ExpenseOnDemand characterized the move as a bid to bring Bitcoin and other digital currencies “one step closer to being a standard currency in the business world.”

While a few TMCs in recent years have begun accepting payment for corporate bookings via Bitcoin, digital currencies remain largely a niche use-case in the sector. But beyond the currencies themselves, blockchain—the technological framework underpinning digital coins—holds potential for the corporate T&E space, in the form of smart contracts, digital health passes and other use cases, according to some observers. Such functionalities have yet to be applied at any significant scale, however.

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