Honda Crypto Payment Option Only Available Through Third-Party Platform

Zinger Key Points
  • FCF Pay, as a third-party service, will process the Honda cryptocurrency payments.
  • The service is available only in the U.S. currently.

While Honda Motor Co Ltd HMC announced the expansion of its payment options covering almost 46 cryptocurrencies in early October, the reality was that consumers could only use these cryptocurrencies to purchase automobiles through a third party, FCF Pay. The manufacturer will not accept payments directly.

CoinTelegraph cited a Honda spokesperson who said, “American Honda does not accept cryptocurrency as payment. The recent reports regarding a change to this policy are incorrect.”

Find out more about using cryptocurrency as a payment option. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

The third-party service is currently available in the U.S. and FCF Pay is looking for additional partners to carry out crypto-to-fiat bill settlement in Mexico, several Latin American countries, multiple African nations and Asia.

The payment company made the system live in September 2023 wherein Bitcoin, Tether, USD Coin and others can be used for payment for a $3 plus 2% fee.

FCF Pay Chief Operating Officer Joseph Parkin stated in early October to CoinTelegraph that Honda is not the only car brand to use crypto to buy cars, “There are more car manufacturers on the list, including Mercedes, BMW, Ford, Nissan, and Mitsubishi.”

Another auto manufacturer, Ferrari announced last week that it will now accept cryptocurrency as payment for its top range of vehicles in the U.S. through its partnership with BitPay. It not only has the U.S. region in focus but also seeks European expansion by Q1 2024.

Read Next: JPMorgan Explores Game-Changing Blockchain Deposit Tokens For Swift Cross-Border Payments

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about crypto payments as an option for the consumer industry. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Photo: Shutterstock

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