Volkswagen Singapore Pioneers Crypto Payments with Bitcoin and Ethereum
Volkswagen Group Singapore (VGS) has recently made a significant move by becoming one of the first major automotive companies
Quick overview
- Volkswagen Group Singapore has become one of the first major automotive companies to accept cryptocurrency payments for vehicle purchases and aftersales services.
- Through a partnership with FOMO pay, customers can pay using Bitcoin, Ethereum, and popular stablecoins, with real-time conversion to Singaporean dollars.
- This initiative aligns with Singapore's digital asset adaptation, where 26% of the population owns cryptocurrency, and supports the country's Smart Nation goals.
- Other automotive companies like Ferrari and Tesla have also explored cryptocurrency payments, indicating a global trend towards embracing digital currencies in high-value transactions.
Volkswagen Group Singapore (VGS) has recently made a significant move by becoming one of the first major automotive companies to allow cryptocurrency payments.
Through a partnership with FOMO pay, Volkswagen Group Singapore (VGS) is now accepting payments for newly purchased vehicles including aftersales services using Bitcoin (BTC), Ethereum (ETH), and other popular stablecoins such as USDT and USDC.
This bold move aligns with Singapore’s growing digital asset adaptation. Currently, 26% of its population now owns cryptocurrency. VGS’ new payment option allows customers to make partial and full payments which instantly converts to Singaporean dollars at real-time exchange rates. All transactions should be made through FOMO pay, with a daily crypto transaction cap at SGD 4,500 per customer with a cumulative smurfing limit set at SGD 13,500.
This partnership also reinforces Singapore’s broader Smart Nation goals. By enabling crypto payments for high-value purchases like cars, VGS is helping normalize digital assets in everyday commerce. It also puts them ahead as a forward-thinking brand ready for the future.
On the other hand, other major automotive companies across the world have already started opening its doors in accepting crypto payments. Ferrari, one of the earliest adopters has started accepting Bitcoin (BTC) and Ethereum (ETH),and USDC in the US in 2023 and later expanding its option across Europe through a partnership with BitPay.
Tesla, although started to adapt Bitcoin (BTC) in 2021, but got suspended due to some environmental concerns in just over a month after its launch and has not yet to continue to this day.
Meanwhile, other high-end dealers such as Lamborghini Newport Beach and Post Oak Motor Cars in Texas also accepts crypto payments for supercars while online platforms such as BitCars and Crypto Emporium make it possible to buy high-end brands like Mercedes, Rolls-Royce, and Lamborghini directly with crypto.
This shift is evident worldwide as well. Ferris Cars in South Africa offers Ferraris in exchange for Bitcoin, Litecoin, and Tether, and in California, former MLB player C.J. Wilson’s dealership accepts crypto payments for Porsche, BMW, Audi, and Lamborghini models.
Furthermore, analysts suggest that the adoption of cryptocurrency in industries such as automotive could accelerate regulatory progress. This move reflects a broader shift toward embracing innovative financial technologies and may encourage other market participants to follow suit.
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