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South Korea’s Danal to allow crypto as payment for BMWs

Finance

forkast.news 14 December 2021 06:15, UTC
  
Reading time: ~2 m

Fast facts

Blockchain-based payment platform Danal Fintech announced a new service plan that will allow BMW vehicles to be purchased with Paycoin (PCI) in its new partnership with Samchully Motors, the domestic dealer of the luxury automobile line.

  • The recent announcement makes the first case in South Korea where an automobile can be paid in full with a cryptocurrency. With Samchully Motors, Danal Fintech has secured a supply of popular models of BMW sedan and sports cars.  
  • “To purchase a car with crypto means we can buy anything in the world with cryptocurrencies. In addition to expanding partnerships with various automakers beyond BMW, we will do our best to create an environment where everything can be purchased with Paycoin,” said Hwang Yong-taek, CEO of Danal Fintech, in a news release. 
  • Customers will be able to handle every step of the purchase process on Danal Fintech’s PCI mobile app — from signing the contract and paying for the automobile up to the release of the purchased vehicle.
  • Danal has been expanding its crypto payment services since launching Paycoin in 2019. It has since signed on major convenience stores, coffeehouse chains and fast food restaurant chains, such as 7-Eleven, Burger King and KFC across South Korea to allow customers to pay with PCI tokens. Its PCI app has recently added a function allowing users to purchase gift codes for Google Play store, which can be utilized on millions of apps as well as mobile games. 

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