Honda Crypto Payment Option Only Available Through Third-Party Platform

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.”

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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.

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