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The automotive industry, known for its conservatism, is making steady steps towards the digital economy, particularly in the financial sector. Volkswagen's Singapore division has introduced the ability to pay for cars and related services using popular cryptocurrencies. This became a reality thanks to a partnership with Singapore-based fintech company FOMO Pay, which provided the necessary technical platform for secure and expeditious transactions.

Now car dealership customers can pay using BTC, ETH, as well as USDT and USDC stablecoins. The process is very simple: the buyer scans the QR code, and the amount in the cryptocurrency is instantly converted into Singapore dollars (SGD) at the current exchange rate. It is important to note that the carmaker does not keep cryptocurrency, which eliminates the risks associated with its fluctuations. The manufacturer receives regular money, and the buyer receives a brand–new car purchased with cryptocurrency.

This payment method is suitable for both full purchase payment and prepayment, including services. To ensure that everything is safe and according to the rules, limits are set: you can pay no more than 4500 SGD at a time, and no more than 13500 SGD per client per day.

Singapore has become an important center of crypto innovation in Asia, and more and more people are using cryptocurrency there. This is a chance for the company to attract a new, advanced audience by offering them a very convenient payment method.

Globally, this is an important step towards the recognition of cryptocurrencies. When a large company like VW allows you to pay with bitcoins for their products, this is a very significant event.