Honda's Non-Direct Crypto Payments: FCF Pay Facilitates Bitcoin Car Purchases
Summary:
Honda vehicles cannot be purchased directly with cryptocurrencies, debunking previous reports which suggested otherwise. However, third-party cryptocurrency payment platforms like FCF Pay do facilitate such purchases. The platform, which went live in September 2023, allows the use of digital currencies like Bitcoin, Ethereum and others for purchases from various car manufacturers. While currently restricted to the U.S., the platform plans expansion to other regions and encourages further acceptance of crypto payments in various industries. However, FCF Pay has clarified that it does not directly partner with these companies, and the payment is converted to fiat before reaching them.
Honda, a well-known automobile maker, doesn't have provisions for direct acceptance of cryptocurrencies for payments. However, with help from third-party services, consumers can use digital currencies like Bitcoin to purchase a Honda vehicle. This clarification comes on the heels of erroneous reports in early October implying that Honda had embraced crypto payments. A company representative debunked the misconception, stating that Honda's policy on not accepting cryptocurrencies remains unchanged. If any future plans to integrate crypto payments are in the works wasn't shared by Honda.
Although direct crypto payments are not an option, consumers can still turn to cryptocurrency payment platforms like FCF Pay for the purchase of a Honda automobile. Other automobile manufacturers also feature on the platform, making their cars accessible for purchase with crypto, according to FCF Pay's COO, Joseph Parkin.
He revealed that these payments are settled through traditional banking channels by a payment processing service, making cryptocurrency serve the role of digital cash. Currently, this service is exclusive to the U.S. However, efforts are underway to extend the crypto-to-fiat billing services to Mexico, specific nations in Latin America, Africa, and Asia.
FCF Pay, which went live in September 2023, charges a $3 plus 2% fee for the purchase of a variety of goods using cryptocurrencies like Bitcoin, Ethereum, XRP, Tether, USDC, and others. Parkin highlighted the platform's intention to broaden its scope by encouraging other companies to accept crypto payments.
However, he stressed that they haven't officially partnered with companies like Honda and the payment is converted to fiat currency before reaching the companies servicing nearly 21,000 customers via their payment processing partner.
Concurrently, FCF Pay is striving to reinstate its account on platform X, following a suspension on October 5. This suspension was allegedly due to circulating false news. Parkin pinpointed the surge in "bot-like interactions" on their X account days ahead of the suspension as a suspicious activity, possibly a strategic move by competitors or interested parties.
"Regardless, as part of our rebranding exercise and the upcoming mobile app release scheduled for year-end, we might press on the transition to the new branding, if the FCF Pay account isn't restored in a timely manner," Parkin added.
Published At
10/16/2023 9:46:09 AM
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