VW Group Singapore and FOMO Pay Partner to Offer Digital Currency Payment Options for Customers

Volkswagen Group Singapore has partnered with FOMO Pay to enable digital currency payments for its vehicles and services. Customers can now pay using cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins like USDT and USDC. The move aims to capitalize on the growing adoption of digital currencies among Singaporeans, who are increasingly seeking faster and more cost-effective payment methods.

Volkswagen Group Singapore (VGS) has announced a strategic partnership with FOMO Pay, a leading Singapore-headquartered payment institution, to enable digital currency payments for its vehicles and services. This move is in response to the growing adoption of digital currencies among consumers in Singapore, with recent data indicating that 26% of residents now own digital assets [1].

Under this partnership, VGS customers can now pay using cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins like USDT and USDC. The daily transaction cap for digital payments (DPT) is set at SGD 4,500, with a maximum of SGD 13,500 based on smurfing limits. This initiative aims to provide customers with faster and more cost-effective payment methods, aligning with the increasing demand for digital currency adoption.

Dr. Kurt Leitner, Managing Director of Volkswagen Group Singapore, commented on the partnership, stating, "An increasing number of consumers today are digital natives. They expect speed and convenience across all touchpoints, including how they pay. Our partnership with FOMO Pay aligns with our broader vision of delivering premium experiences powered by technology and innovation."

FOMO Pay's digital asset payment infrastructure supports digital currency payments for partial payments on new vehicle purchases and 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. Rose Wang, Head of Digital Payments at FOMO Pay, expressed excitement about the partnership, noting that it "elevates the consumer payment experience as Singapore advances toward becoming a smart financial center."

This partnership reflects VGS's commitment to leveraging technology to 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's certified pre-owned car program.

References:
[1] https://finance.yahoo.com/news/vw-group-singapore-fomo-pay-101338100.html