How to make your first car purchase in crypto
Purchasing a car with crypto is not a fantasy any more. Our partner MHG Cars has opened its showroom on 18 December. And yes, this means that with our BizPOS, you can now buy cars with 12 types of cryptocurrency in Singapore. With this guide, you will find that purchasing a car in crypto is as easy as any other payment method.
Step One: Make sure you have enough tokens in digital wallet
To make a crypto payment, you will need to have a digital wallet that supports ERC20 based tokens installed, such as imToken or Kcash. Currently the following tokens are accepted: ETH, BZKY, ZIL, NPXS, BNB, ELF, ZRX, MKR, AE, BAT, TUSD, OMG.
If you do not have any of the above-mentioned tokens, you need to purchase the tokens from their respective exchanges and transferred the tokens to your wallet first.
Step Two: Visit MHG Cars showroom
Visit our merchant MHG Cars at 24 Leng Kee Road, Leng Kee Autopoint, 04–02A/B/C, the first automobile retailer that accepts cryptocurrency in Singapore. The sales specialists will then tell you everything you need to know about financing and buying a car in Singapore. You can purchase both new cars and pre-owned cars at MHG. MHG Cars also offers other services including trade-in, export, car financing, COE renewal, car insurance, specific car sourcing.
Alternatively, you may want to have a virtual tour of the showroom first at our YouTube channel.
Step Three: Inform the cashier your preferred type of cryptocurrency
After you have made the decision, let the cashier know that you would like to pay with crypto. Inform them the type of crypto currency you would like to pay your bill with.
The cashier will key in the fiat amount in the POS terminal and the corresponding crypto amount will be shown on the screen of the terminal as well. Take the screen below for example, the cashier has selected ETH as the payment token and keyed in SGD$100,000 for the payment amount. The screen will be presented to you, and it shows that for S$100,000, the corresponding amount of ETH to be transferred is 607.55952.
Step Four: Scan the QR code to complete payment
You will open your wallet, choose the right token type and scan the QR code. You need to manually key in the token amount to pay and the password to confirm the payment. Exact experience may vary between different digital wallets. For a smooth experience, you are encouraged to use the recommended gas fee as suggested by your wallet.
The cashier will soon get a payment confirmation. And congratulations, you have successfully completed the payment. All you need to do then is to sit tight and wait for your car to be ready.
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