FOMO Pay Introduces Crypto Payment Solution for Singapore Clients

Retailers in Singapore can now accept digital payment tokens (DPT), through a new cryptocurrency payment solution introduced by Singapore-based Major Payment Institution FOMO Pay.

The new payment method intended for retailers is reportedly “the first such to be developed by a Digital Payment Token (DPT) licensee in Singapore.” FOMO Pay has begun implementing its new solution “with luxury retailers – such as EuroSports Auto, 2ToneVintage, and Luxehouze, amongst others – in compliance with regulations.”

As mentioned in an update shared with CI, a survey was conducted with 1,500 internet users in Singapore by comparison site The Finder. It found that Singapore’s crypto ownership rate “is at 15.8% (January 2022), slightly above the 15.5% global average.”

A sample size of over 800 consumers in Singapore surveyed by FIS found that “33% would be interested in using crypto to make their payments in the future.”

With consumers’ interest in using crypto for their payments, this “ties in with why crypto is expected to receive continued attention from regulators in Singapore particularly on how infrastructure can be secured to protect large amounts of capital deployed in the crypto market, underscored in KPMG’s recent Pulse of Fintech H2’21.”
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Louis Liu, Founder and CEO at FOMO Pay, stated:

“The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments. FOMO Pay aims to gear our merchants with crypto acceptance, allowing them to support more payment methods. This brings us one step closer towards our mission to build Asia’s first licensed gateway that connects businesses with fiat and crypto.”

Through a range of crypto payment options, retailers will be able “to accept a range of different cryptocurrencies, including but not limited to Bitcoin, Ethereum, USDT, and USDC.” In addition to being Singapore’s DPT licensee, FOMO Pay is “part of the DBS Digital Exchange ecosystem.”

Through partnerships and leveraging technologies from trusted partners such as crypto wallet imToken and predictive blockchain monitoring platform Merkle Science, FOMO Pay has “created a secure environment for retailers to use the new solution.” Merchants who adopt the crypto payment solution will see “a reduction in cost due to lower transaction fees compared to those from conventional fiat currency payment methods.”

By receiving settlements in fiat currency, they will also “not be exposed to forex fluctuations that could arise from receiving payment in crypto.”

FOMO Pay Pte Ltd is “a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service.”

Founded in 2015, they claim to have become “a leading one stop digital payment and banking solution provider.”

Acceptance of card payment, QR payment and upcoming crypto currency has increased dramatically “as governments around the region push an agenda for creating a cashless society and fostering financial inclusion.”

FOMO Pay has “enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets.”.

Their partners “include NETS, Mastercard, GrabPay, Singtel Dash, WeChat Pay, Shopee Pay, etc.”

FOMO Pay was also “one of the founding members of the Singapore Quick Response Code (SGQR) taskforce and contributed to the introduction of the SGQR – a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore.”

FOMO Pay aims to “build Asia’s first licensed gateway helping corporates connect with fiat and cryptocurrency.”



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