🚗 Volkswagen has begun accepting cryptocurrency for vehicle purchases and service in Singapore.
The Volkswagen Group announced a partnership with Singapore-based payment platform FOMO Pay. Now, customers in Singapore can pay for cars and service with cryptocurrency.
Supported currencies include Bitcoin (BTC), Ethereum (ETH), and stablecoins USDT and USDC. This move aims to expand payment options for buyers and integrate digital assets into the automotive sector.
Volkswagen Group Singapore (VGS), the official distributor of Volkswagen, Škoda, and CUPRA brands, notes that implementing crypto payments aligns with its goal of offering customers more flexible and modern ways to interact with the group’s brands.
According to VGS, digital currencies are increasingly popular in Singapore, with around 26% of residents holding crypto assets. Key advantages of crypto payments include speed, security, global accessibility, and reduced transaction costs.
Cryptocurrency payments will allow customers to pay for both new cars and service offerings. Transactions are limited to a daily cap of 4,500 SGD and a maximum of 13,500 SGD according to FOMO Pay regulations.
“Modern consumers are digital ‘natives.’ They expect speed and convenience at every stage, including payment,” said Dr. Kurt Leitner, Director of Volkswagen Group Singapore. “Our partnership with FOMO Pay aligns with our strategy to deliver a premium customer experience through technology and innovation.”
FOMO Pay ensures secure processing of all payments via its corporate gateway, compliance with regulations, and transaction transparency with real-time exchange rates at the moment of payment.
“We are excited to collaborate with Volkswagen Group Singapore and enhance the customer experience through digital currencies. Singapore is moving toward becoming a smart financial hub, and digital assets will play an important role in improving customer service,” said Rose Wang, Head of Digital Payments at FOMO Pay.
⚡ Conclusion: Volkswagen’s adoption of crypto payments in Singapore demonstrates the automaker’s commitment to digital transformation and customer convenience. Digital currencies are becoming part of everyday commerce, offering speed, security, and global payment accessibility, while customers gain greater flexibility and modern ways to engage with the brand.
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