South African fintech startup 6DOT50 has partnered with BTS and Seriti Solutions to introduce cryptocurrency payments for vehicle purchases.
This groundbreaking initiative allows customers to buy new and used cars at over 1,400 dealerships using eight different cryptocurrencies, including Bitcoin (BTC).
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6DOT50 revolutionising car purchases with cryptocurrency
By leveraging its digital voucher system, 6DOT50 eliminates the risks traditionally associated with crypto transactions, bridging the gap between digital assets and fiat currency settlements. Since its launch, the platform has processed approximately $1 million in cryptocurrency transactions across 90,000 retail locations in South Africa.
How the 6DOT50 crypto payment system works
Customers looking to purchase a vehicle using cryptocurrency can seamlessly convert their digital assets into 6DOT50 vouchers. These vouchers are then approved for redemption through a link provided on the Seriti Solutions platform, ensuring a smooth and secure transaction process.
This innovation follows the footsteps of South African retail giant Pick n Pay, which began accepting Bitcoin at over 1,500 locations in February 2023. The move signals the growing acceptance of cryptocurrency in mainstream commerce.
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Expanding crypto adoption in the automotive industry
With South Africa boasting over 7.7 million cryptocurrency account holders, this partnership significantly expands the purchasing options for crypto users. By integrating crypto payments into BTS and Seriti Solutions’ extensive dealership network, 6DOT50 is positioning itself as a leader in alternative payment solutions.
As the demand for flexible and secure payment methods increases, more businesses are expected to follow suit. This partnership not only enhances convenience for crypto users but also provides dealerships with access to a broader customer base, setting the stage for wider cryptocurrency adoption in the automotive industry.