Cash, card or corn: Toyota Brazil introduces innovative payment option for Toyota Fortuner, Hilux buyers- Technology News, Firstpost

FP TrendingAug 06, 2021 17:50:35 IST

Bartering may not be prevalent across the globe anymore, but Toyota has brought the system back in Brazil for those who’d prefer to pay with something other than cash or card. The carmaker has introduced a new scheme named ‘Toyota Barter, under which buyers can now drive home a new Toyota SUV or pickup truck by exchanging soybean or corn.

The Japanese brand announced this alternative payment solution in Brazil on 4 August. This has been introduced to bring more agri-business customers into the Toyota fold, where they’ll be able to exchange their soybean or corn produce for a new Toyota Hilux pickup truck, a Toyota Fortuner or a Toyota Corolla Cross SUV.

Toyota Brazil will accept corn or soybean in exchange for its SUVs. Image: Toyota

The barter of corn and soybean will take place as per market price (basis the weight of the produce). Toyota will undertake a complete investigation of rural production of these crops to ensure sustainable plantations and a certain level of quality. The agricultural sector of Brazil accounts for 16 percent of Toyota’s direct sales.

“The Toyota Barter started as a pilot project in 2019, so it was the first sales channel in Brazil to accept grain to purchase a car. Now, we have the opportunity to make this facility official for agri-business and expand Toyota’s presence and contribute in an important way to what is one of the main economic sectors of our country”, said José Luis Rincon Bruno, direct sales manager at Toyota Brazil.

The Toyota Hilux is one of three models available via the barter system. Image: Toyota

The new retail model has initially been rolled out in Brazil’s Bahia, Mato Grosso, Goiás, Minas Gerais, Piauí and Tocantins. Buyers in states such as Paraná, Sao Paulo and Mato Grosso do Sul are also expected to benefit from this scheme going forward.

While a payment system like this is unlikely to be rolled out in India, Toyota is currently readying to introduce its version of the Maruti Suzuki Ciaz (expected to be launched as the Toyota Belta) as well as its version of the Maruti Suzuki Ertiga. Toyota is also expected to launch the Toyota Hilux pickup in India in the coming months.