Latest news with #FOMOPay
Yahoo
2 days ago
- Automotive
- Yahoo
Popular automaker rolls out crypto payments for customers
Popular automaker rolls out crypto payments for customers originally appeared on TheStreet. Volkswagen Group Singapore (VGS) has teamed up with FOMO Pay, a major payment company, to let people pay for their cars and services via digital currency. This is the first time an automotive distributor in the city-state has done this. VGS said it is committed to offering payment options that are ready for the future and flexible, so customers can now use Bitcoin, Ethereum, and stablecoins like USDT and USDC, as per their press release. VGS, the authorized distributor for Volkswagen, Skoda, and CUPRA, announced on August 14 that the move was in response to rising consumer adoption of digital assets in Singapore, where approximately 26% own cryptocurrencies. According to reports as of 2024, crypto payment volumes in Singapore reached nearly $1 billion in Q2 2024, marking a surge in everyday transactions. Despite positive sentiment, challenges such as technical complexity, security concerns, and limited merchant acceptance persist, with 67% of current holders planning to increase usage. As the demand for faster, more secure, and globally interoperable payment methods grows, the integration of digital payment tokens (DPTs) aims to improve the customer experience by providing speed, convenience, and choice. However, the transactions will be limited to SGD 4,500 per day, with a maximum of SGD 13,500. FOMO Pay's business-level infrastructure will handle payments safely and give users real-time exchange rates. The solution will allow people to make partial payments on new cars and for services after the sale. Rose Wang, the head of digital payments at FOMO Pay, said that the partnership fits with Singapore's goal of becoming a top digital economy. Popular automaker rolls out crypto payments for customers first appeared on TheStreet on Aug 18, 2025 This story was originally reported by TheStreet on Aug 18, 2025, where it first appeared.
Yahoo
5 days ago
- Automotive
- Yahoo
VW Group Singapore and FOMO Pay add customer digital currency capabilities
Volkswagen Group Singapore (VGS) has announced a partnership with a leading Singapore-headquartered major payment institution, FOMO Pay, to enable digital currency payments for its vehicles and services. VW customers in Singapore can now pay using digital assets such as Bitcoin (BTC), Ethereum (ETH), and stablecoins including USDT, USDC, and more. The move by VGS is in response to the growing adoption of digital currencies among consumers in Singapore, with recent data showing that 26% of residents now own digital assets. As consumers increasingly seek faster and more cost-effective payment methods, digital currencies are gaining traction not only for their speed and enhanced security, but also global interoperability and lower transaction costs. DPT transactions per customer are subject to a daily cap of SGD 4,500, with a maximum of SGD 13,500 based on smurfing limits. "An increasing number of consumers today are digital natives. They expect speed and convenience across all touchpoints, including how they pay," said Dr. Kurt Leitner, Managing Director of Volkswagen Group Singapore. "Our partnership with FOMO Pay aligns with our broader vision of delivering premium experiences powered by technology and innovation." FOMO Pay fuels digital currency payment acceptance With FOMO Pay's digital asset payment infrastructure, VGS now supports digital currency payments for partial payments on new vehicle purchases, as well as aftersales services. All transactions are processed securely through FOMO Pay's enterprise-grade gateway, ensuring compliance, transparency, and real-time exchange rates at the point of payment. "FOMO Pay is excited to partner Volkswagen Group Singapore in elevating their consumer payment experience," said Rose Wang, Head of Digital Payments at FOMO Pay. "As Singapore advances toward becoming a smart financial center, we believe digital assets will continue to play an important role in improving customer experience. At FOMO Pay, we remain committed to delivering a full suite of payment solutions, from digital currencies to fiat, and from online channels to offline channels. These payment solutions aim to empower businesses and enhance customer experiences." Volkswagen Group Singapore is a subsidiary of Porsche Holding Salzburg, which is fully owned by the Volkswagen Group. The company's portfolio includes Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, ŠKODA, CUPRA and Das WeltAuto — Volkswagen Group Singapore' certified pre-owned car programme. Volkswagen Group Singapore imports and retails Volkswagen, Volkswagen Commercial Vehicles, Škoda and CUPRA vehicles directly. "VW Group Singapore and FOMO Pay add customer digital currency capabilities" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
