New Payment Methods in the Dealership
Volkswagen Group Singapore (VGS), the official distributor of Volkswagen, Škoda, and CUPRA, has introduced the option of partial payment with digital currencies when purchasing new vehicles and post-warranty services. The list of supported assets includes Bitcoin (BTC), Ethereum (ETH), as well as stablecoins USDT, USDC, and others.
The project was implemented in partnership with Singapore-based payment operator FOMO Pay. The company provides infrastructure for conducting transactions with digital payment tokens, ensuring regulatory compliance and settlement at the current exchange rate at the time of payment.
Growing Demand for Digital Payments in Singapore
According to the company, 26% of Singapore residents own digital assets. This influenced VGS’s decision to integrate new payment methods. Company representatives noted that customers expect more modern and flexible forms of interaction, including a wider choice of payment options.
The limit for payments with digital assets is set at SGD 4500 ($3500) per day and SGD 13.500 ($10.500) in total transactions, in line with requirements to prevent transaction structuring.
Technical Implementation by FOMO Pay
The FOMO Pay system enables cryptocurrency payments both online and offline. The company stated that support for digital assets is part of its strategy to improve the customer experience. By implementing FOMO Pay’s solutions, businesses can accept both digital and fiat payments through a single gateway.
Focus on the Digital Economy
The project is timed to coincide with the 60th anniversary of Singapore’s independence and supports the national strategy of building a “smart” economy. Representatives of both companies emphasized that integrating digital assets into daily operations aligns with the country’s goals of developing advanced technological solutions and enhancing convenience for consumers.
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