For employers who are searching for a way to fund their global payroll in USDC stablecoin, but pay out in Indian Rupees, we’re glad to say you have come to the right place.

The Rise platform offers a seamless way for companies to fund payrolls in USDC (a stablecoin pegged to the US dollar) and pay out in INR (Indian Rupees).

This capability is especially beneficial for businesses that operate internationally or employ remote teams in India.

But before we dive into that, let’s take a look at some of the unique problems that contractors in India face when receiving payments from abroad:

Problems for Indian Contractors Caused by the Foreign Inward Remittance Certificate (FIRC)

Indian contractors who receive payments from abroad often face a series of challenges related to the Foreign Inward Remittance Certificate (FIRC) requirement.

Foreign Inward Remittance Certificate (FIRC) - a certificate a bank issues as proof of international payments for exports containing all the remittance details. In India, contractors must get FIRC when they receive payments from outside India.

The FIRC is crucial for proving that foreign currency has been legally converted and remitted into India, impacting compliance, tax filings, and more.

Here are some of the main problems that arise due to these requirements:

1. Delay in Receiving Payments

  • Bank Processing Time: Banks can take a significant amount of time to process international remittances and issue FIRCs. This delay affects contractors’ cash flow, especially for those who rely on timely payments for their business operations.
  • Intermediary Banks: Sometimes, funds are routed through one or more intermediary banks before reaching the contractor's local bank in India. Each intermediary potentially adds time and fees to the transaction.

2. High Transaction Costs

  • Bank Fees: International wire transfers involve fees charged by both the sending and receiving banks. Additionally, intermediary banks might deduct their charges, which decreases the net amount received by the contractor.
  • Currency Conversion Rates: Banks often apply less favorable exchange rates for currency conversion, resulting in a financial loss for the contractor compared to market rates.

3. Regulatory and Compliance Hurdles

  • Complex Documentation: Obtaining a FIRC involves navigating bureaucratic processes and providing a substantial amount of documentation, which can be cumbersome and time-consuming.
  • Changes in Regulations: The regulatory framework governing foreign remittances in India can change, requiring contractors to stay continually updated to ensure compliance.

4. Bank-Specific Policies

  • Different banks may have different policies regarding the issuance of FIRCs. Some might require the contractor to have an account with them, while others may have specific forms or procedures that need to be followed meticulously.

5. Volume and Frequency of Payments

  • For contractors who receive multiple small payments, the cost and effort of obtaining an FIRC for each transaction can be prohibitive. This makes it less viable for taking on smaller or more frequent projects from foreign clients.

6. Technological and Operational Inefficiencies

  • Some banks still rely on outdated technology and manual processes for handling foreign remittances, leading to errors and further delays in issuing FIRCs.

7. Currency Fluctuations

  • The time taken to process remittances and issue FIRCs can expose contractors to currency fluctuation risks. Adverse movements in exchange rates during this period can lead to significant financial loss.

These challenges underline the importance of efficient, cost-effective solutions for handling international payments.

Indian contractors often have to balance the benefits of taking on foreign projects against the complexities and costs imposed by the FIRC requirements and associated banking procedures.

How Hybrid Payroll Solves the Issues Associated With FIRC

Rise hybrid payroll (fiat & crypto) addresses the complexities of international payroll payments, particularly for Indian contractors who face challenges related to the Foreign Inward Remittance Certificate (FIRC) and the associated banking inefficiencies.

By using USDC stablecoin for funding payroll and converting it to INR for payouts, Rise offers a streamlined solution as shown below:

  1. Minimized Delays in Payment: Rise leverages blockchain technology to facilitate direct and rapid transactions. This method significantly reduces the time involved in bank processing and eliminates delays caused by intermediary banks. Payments in USDC are processed almost instantly, and the conversion to INR for local payouts is handled efficiently, ensuring that contractors receive their payments swiftly.

  1. Reduced Transaction Costs: By utilizing USDC for the bulk of the transaction journey, Rise circumvents the high fees associated with traditional international wire transfers. Since the conversion from USDC to INR is managed at competitive exchange rates, contractors avoid the typical financial losses due to unfavorable bank-imposed currency conversion rates.

  1. Simplified Regulatory and Compliance Handling: Rise’s platform helps streamline the process of compliance with local regulations. By maintaining a transparent and traceable record of transactions on the blockchain, the platform facilitates easier production of the necessary documentation for FIRCs, reducing the bureaucratic burden on contractors.

  1. Consistency Across Banking Policies: Rise’s solution is consistent regardless of the contractor's bank policies. This uniform approach removes the need for contractors to navigate varying bank-specific procedures and requirements for obtaining FIRCs.

  1. Efficient Management of Payment Volumes and Frequencies: Rise’s system is well-suited to handle any volume and frequency of payments without incremental cost or effort. This feature is particularly advantageous for contractors handling multiple small or frequent payments from foreign clients.

  1. Advanced Technological Efficiency: By deploying modern blockchain technology, Rise minimizes the technological and operational inefficiencies typically associated with traditional banking processes. This ensures a more reliable and error-free remittance process.

  1. Protection Against Currency Fluctuations: The use of USDC, a stablecoin pegged to the US dollar, mitigates the risk of currency fluctuations. Contractors are less exposed to adverse movements in exchange rates during the payment processing period, preserving the value of their received payments.

Through these mechanisms, Rise not only enhances the efficiency of cross-border payroll processes but also ensures compliance, lowers operational costs, and accelerates payment delivery, making it an ideal solution for international employers and Indian contractors alike.

Now that you know the benefits of hybrid payroll, here’s a step-by-step guide on how to use Rise to manage payroll with USDC and disburse in INR.

How to Fund in USDC and Pay Out in INR Using Rise

Step 1: Set Up Your Rise Account

Before anything else, you’ll need to create an account on the Rise platform. This involves:

  • Registering your business details.
  • Verifying your identity to comply with KYC (Know Your Customer) regulations.
  • Setting up security features, including two-factor authentication to ensure the safety of your transactions.

Step 2: Funding Your Wallet with USDC

Once your account is active, the next step is to fund your wallet with USDC.

Here’s how to proceed:

  • Navigate to the funding section on your dashboard.
  • Select the option to deposit cryptocurrencies.
  • Choose USDC as your funding currency.
  • Transfer USDC from your crypto wallet or purchase USDC directly through Rise’s integrated exchange services.

Step 3: Onboard Employees and Contractors to Rise

To pay your employees and contractors in INR, they will simply need to join Rise and verify their identity, which only takes a few minutes.

Once they have completed the signup and identity verification processes, employees and contractors can then proceed to link their bank accounts or digital wallets to their Rise ID.

This step is crucial as it allows for seamless deposits and withdrawals of their earnings.

After their financial accounts are linked, you can begin setting up their payment structures.

Rise supports various payment options including fixed salaries, hourly wages, or project-based payments, enabling you to tailor the payment schemes to match the diverse needs of your workforce.

Step 4: Convert USDC to INR

With Rise, the conversion from USDC to INR is handled automatically within the platform, leveraging competitive exchange rates.

When you initiate a payroll cycle, Rise will:

  • Calculate the required amount of INR based on the current exchange rates.
  • Convert your USDC to INR seamlessly.
  • Ensure that the entire process is compliant with local and international financial regulations.

Step 5: Disburse Salaries

After conversion, disbursing salaries is straightforward:

  • Confirm the total payroll amount and individual payments in INR.
  • Review and authorize the payroll disbursement.
  • Rise will process the payments and deposit them directly into your employees' bank accounts in India.

Step 6: Reporting and Compliance

Rise provides detailed reporting tools that help you track and manage your payroll:

  • Access transaction histories and exchange rate details.
  • Generate payroll reports for accounting and tax purposes.
  • Ensure compliance with both local Indian regulations and international standards.

More Benefits of Using Rise for Crypto to Fiat Payroll

Flexibility and Efficiency: Paying employees in their local currency while funding payroll in USDC provides operational flexibility and reduces the costs associated with currency conversion.

Enhanced Security: Using blockchain technology, Rise ensures that all transactions are secure and immutable.

Simplified Compliance: Rise handles much of the regulatory complexity associated with international payroll, making compliance easier for your business.

Accessibility: Employees do not need to deal with cryptocurrency directly; they receive their pay in INR, just as they would with a traditional payroll system.


Using Rise to fund in USDC and pay out in INR is an excellent option for businesses looking to leverage the benefits of cryptocurrency for payroll without imposing the complexity of crypto transactions on their employees.

This approach not only simplifies payroll management but also provides a cost-effective, secure, and compliant way to handle international remunerations.

Whether you are a startup or a multinational corporation, Rise’s platform is equipped to meet the evolving demands of global payroll management.

Get started today by scheduling a DEMO with Rise.