Honda To Accept 3rd Party Payments for Vehicles

The reports suggesting that Honda accepts cryptocurrency as payment are incorrect, as clarified by a Honda spokesperson. Honda does not currently allow the purchase of its vehicles using cryptocurrency, and they have not made any official announcements regarding a change in this policy. They did not provide additional information on their stance on cryptocurrency or any future plans to integrate crypto payments.

However, while Honda does not directly accept cryptocurrency payments, there are third-party platforms like FCF Pay that facilitate cryptocurrency payments for Honda cars. FCF Pay’s Chief Operating Officer, Joseph Parkin, explained that their platform allows customers to use cryptocurrencies like Bitcoin to buy cars from various manufacturers, including Honda, as well as Mercedes, BMW, Ford, Nissan, and Mitsubishi.

Payments made through FCF Pay are processed by a payment aggregator using the same payment infrastructure used for cash payments at bank branches. Parkin described cryptocurrencies on their platform as functioning like digital cash or the currency of the internet. It’s important to note that only companies participating in the FCF Pay bill payment aggregation system currently accept crypto payments through their platform.

At present, this service is available in the United States, but FCF Pay is actively working with partners to expand crypto-to-fiat bill settlement services in Mexico, several Latin American countries, multiple African nations, and Asia. The system was launched in September 2023, enabling customers to make purchases using cryptocurrencies like Bitcoin, Ether, XRP, Tether, USD Coin, and others, subject to a $3 fee plus a 2% charge.

Joseph Parkin expressed FCF Pay’s goal of onboarding companies of all sizes and from various sectors to enable direct cryptocurrency payments. They hope that governments worldwide will recognize the advantages of making it easier for businesses to accept crypto payments.

It’s important to clarify that FCF Pay has not entered into official partnerships with companies like Honda to enable cryptocurrency payments for their cars. Instead, FCF Pay’s system allows customers to use cryptocurrencies, while the participating companies receive fiat payments through FCF Pay’s payment aggregator partner.

Additionally, FCF Pay recently faced challenges related to the suspension of its account on the X platform (formerly Twitter) on October 5th. The suspension was attributed to accusations stemming from fake news circulating about the company. They believe that their account may have faced bot-like interactions designed to get it suspended by competitors or certain communities. FCF Pay is currently considering rebranding as they prepare to release a mobile app by the end of the year.