EuroSports Global has tied up with FOMO Pay to accept cryptocurrencies as a payment method, the luxury car and smart electric motorcycle player said in a filing to SGX Monday.
“By adding cryptocurrency as one of the payment options, the group aims to attract new potential customers who are looking for new avenues to spend their cryptocurrency investments and address the growing demand for flexible and easy-to-use cryptocurrency payments,” EuroSports said.
“The adoption of cryptocurrency payments also enables the group to reduce the cost of transaction fees, simplify cross-border transactions and enable protected borderless payments,” the company said.
The company, citing data from the BCG-Altagamma consumer insight study in 2019,, said around 85 percent of the growth in global luxury sales is driven by millennial and Generation Z consumers, who also make up nearly 60 percent of cryptocurrency users.
The company distributes luxury automobiles and after-sales services for Lamborghini and Alfa Romeo in Singapore, and for Touring Superleggera in Singapore, Malaysia, Brunei and Indonesia, according to its website.