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PiixPay Allows Customers to Conveniently Use Cryptocurrency to Handle Bills and Recurring Payments

Piixpay Allows Users To Conveniently Pay Bills With Cryptocurrency

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Matt Walker
By: Matt Walker
Posted: May 8, 2020

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In a Nutshell: PiixPay is a fintech platform that allows users to easily pay bills using cryptocurrency. The technology converts Bitcoin, Bitcoin Cash, Litecoin, or Dash to euros and sends the fiat money to the user’s bank account. PiixPay’s Instafill feature allows deposits made to the user’s crypto wallet to be automatically converted to euros and deposited into his or her bank account. The platform promotes the adoption of cryptocurrency by both consumers and merchants by making it simpler to use and demonstrating its real-world use.

When the Co-Founders of PiixPay — Evald-Hannes Kree and Raivo Malter — began mining Bitcoin back in 2013, they recognized cryptocurrency’s value as a decentralized currency system.

But they also recognized how a lack of infrastructure was keeping crypto from reaching its full potential as a form of digital currency.

PiixPay Logo

“If you wanted to use your cryptocurrency in real life to buy something, it was really a hassle,” said PiixPay Chief Operating Officer and AML Officer Raido Saar. “My friends asked, ‘Why couldn’t it be like using a regular internet bank?’”

In seeking an answer to this question, they created PiixPay, which does just that.

The Estonia-based platform allows users to make bank payments using Bitcoin, Bitcoin Cash, Litecoin, and Dash cryptocurrencies by converting users’ crypto to euros in 102 countries.

Saar said the founders were motivated to create the platform for their own personal use but quickly realized the value in scaling the technology so other crypto enthusiasts could also use their digital currencies in the real world.

“They started it for fun, for themselves. Like a real startup must arise out of a need, and the need is your own, and you want to solve it,” Saar said. “Then you understand that there are many more people in the world facing the same problem, so you say, ‘let’s solve it for them too’”

A Platform Designed to Help Crypto Holders Use Their Assets with the Ease of Fiat Money

“PiixPay is an all-new ‘crypto-payment platform’ that allows anyone to send and receive invoices in the form of digital assets across the globe,” according to an article on the PiixPay blog. “It makes use of a standardized currency rate so that customers can lock in a fixed exchange rate — thereby minimizing currency losses for all involved parties.”

To use the platform, users begin by entering the specifics for the invoice they wish to pay, as well as their name and contact information.

Depositing Bitcoins Into a Box Graphic

PiixPay allows users to pay bills and send money with the convenience of fiat money.

“Once all of the paperwork is over, the payee needs to send across a fixed number of bitcoins to a specific wallet address that is provided to them,” according to the article. “After processing all of the data-sets, PiixPay then carries out the payment in the form of a SEPA [Single Euro Payments Area] bank transaction (using euro as its currency standard).”

Saar said that when the company began in 2014, Bitcoin was the only cryptocurrency PiixPay audiences could use to pay bills, but due to the notoriously slow speed of the original crypto, the founders added the options available today.

He also said that paying bills is the most common use case for PiixPay, and the easiest example to explain to people how the platform works, although there are uses for it beyond making payments.

The company explains on its website how the platform is economically viable and offers convenience to what can be a complicated process.

“Owing to the various monetary regulations that exist within East Europe, SEPA transfers are usually cumbersome,” according to the website. “However, PiixPay helps push these transactions in a way that all invoices are cleared within a period of 1-3 working days.”

Instafill Automatically Converts Crypto Wallet Deposits to Euros and Sends Them to Your Bank Account

PiixPay’s Instafill service connects a user’s crypto wallet address to a bank account to easily convert crypto to euros.

“Each time coins are sent to that dedicated address, the payment processor will exchange the cryptocurrency and send the fiat to your bank account,” according to the website. “You can also check the status of any payment at all times.”

Saar said this process is extremely fast because PiixPay is constantly exchanging cryptocurrency and it maintains buffer funds in Europe so, as soon as the wallet receives cryptocurrency the company is already making a payout to the user’s IBAN (International Bank Account Number).

“This is the fastest way for people who are getting paid in cryptocurrency, that they can have it in their bank account without doing anything else,” Saar said. “You just provide your company with your wallet address, and every time a payment has been done, you don’t have to wait. Your euros will be in your IBAN account.”

He said this is a very popular use for PiixPay audiences.

The platform is also easy to use for merchants, according to the company.

“If users wish to apply for a merchant account, they can do so by sending the folks over at PiixPay an email describing the nature of their business setup, along with their contact details,” according to the website.

And the open-source API is available to everyone to utilize and modify to fit their own needs and specifications.

Platform users may also select the company’s convenient PDF invoicing option for greater ease of use.

“When an invoice is generated, companies can directly forward these documents to the PiixPay processing module which will then scan the QR code and convert the payment amount into the correct number of Bitcoins (based on the current exchange rate),” according to the website.

How PiixPay Promotes the Adoption of Cryptocurrencies by Demonstrating Its Real-World Use

Saar also discussed the evolving nature of the cryptocurrency ecosystem and how platforms like PiixPay can help lead to more consumers adopting digital currencies.

“It’s a question of the egg and the chicken,” he said. “If there is no merchant accepting crypto it means there is no service or no means to spend your crypto.”

And PiixPay is essentially introducing cryptocurrency to people who are on the old monetary system, Saar said.

“But I think this is a very necessary service at the moment because it gives people some kind of peace of mind, as cryptocurrency can be seen as volatile,” he said. “Merchants want to be protected against falling rates. And bookkeepers and accountants want to see some steady assets.”

Diverse Group of Business People Graphic

The more often consumers and merchants are exposed to real-world uses for cryptocurrency, the more likely they will be to adopt its use for their own purposes.

Saar said knowing how to deal with swift increases or decreases in the value of Bitcoin is still a gray area for many accountants.

The more merchants and accountants who can see real-world uses of cryptocurrencies, the better, Saar said.

“The advantage of having these services automatically convert cryptocurrency to fiat and deposit directly into bank accounts so that users can pay bills is that it makes the manual process of exchanging into fiat and sending via bank transfers much simpler, which can become very complex and time-consuming,” according to

By removing some of the complexities from the process, the likelihood that the average consumer will adopt cryptocurrency will increase.

Saar said there are a lot of possibilities with Bitcoin and other cryptocurrencies, but it is important to help educate the general public about how they work.

Eventually, receiving your paycheck in crypto or sending friends and family crypto will be as common as seeing a direct deposit in your bank account.