SINGAPORE, Nov. 8, 2024 /PRNewswire/ -- FOMO Pay, a leading Singapore-headquartered major payment institution, has announced a strategic collaboration with Mastercard to launch its Tap on Phone payment solution, FOMO SoftPOS. This solution allows merchants to accept contactless card payments directly on their smartphones[1] with the FOMO Pay app from the Google Play Store. This solution provides customers with more payment options while giving merchants greater flexibility and mobility as multiple smartphones can be activated for use as needed.
Singapore is the first country in Asia-Pacific where Mastercard will introduce Cloud Commerce, empowering local payment providers like FOMO Pay to build cloud-based products. Mastercard's Cloud Commerce is a cloud-based payment solution that lets merchants process transactions on mobile devices without needing physical POS terminals. By leveraging cloud technology, it reduces hardware dependency, streamlines setup, and offers flexible, scalable payment options. This empowers businesses to accept payments anywhere with internet access, meeting the demands of today's digital-first consumers. With Mastercard, FOMO Pay is able to bring Tap on Phone solutions to merchants, and offer the technology to banks and financial institutions who want to roll out their own branded SoftPOS.
While over 90% of Singaporeans use contactless payments, small and medium-sized enterprises (SMEs) are slower to adopt them. Only 50% of SMEs accept mobile wallets, and 36% accept contactless cards, largely due to a reluctance to maintain payment hardware.
Tap on Phone solutions can cut these costs by over 90%, making card payments more accessible for SMEs. This innovation will bring millions[2] of new acceptance points for card payments in Asia.
Merchants can download the FOMO SoftPOS app and accept a wide range of payment methods, such as QR payments, mobile wallets, and credit cards. Use cases of the Tap on Phone solution include pop-up stores, food trucks, taxis, pay-on-delivery services and more. In addition to merchants, banks and financial institutions can also leverage the Tap on Phone technology and provide their own contactless payment solutions to their merchants.
Louis Liu, founder and CEO of FOMO Pay, said, "Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction. Our FOMO SoftPOS empowers more businesses to accept payments using their own mobile devices, driving financial inclusion and supporting the growth of SMEs. Mastercard Cloud Commerce is central to this mission, helping us create scalable solutions that address the needs of today's fast-evolving digital economy."
Ms Deborah Heng, Country Manager, Singapore, Mastercard, said: "Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower cost of acceptance and simplify onboarding, making the payment process smoother and more efficient. Mastercard Cloud Commerce will advance payment solutions and help small businesses unlock the benefits of digital payments, while offering their customers a simple and secure payment experience."
[1] Only available for Android devices (Android 12 onwards) with NFC capabilities. |
[2] https://seads.adb.org/solutions/realizing-potential-over-71-million-msmes-southeast-asia |
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution licensed in Singapore and Hong Kong. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia's fully licensed financial platform, helping institutions and businesses connect between fiat and digital currency. The firm offers its three flagship products:
Visit www.fomopay.com for more information. For media inquiries, contact marketing@fomopay.com.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
