FOMO Pay partners Visa to expand digital payments acceptance for Small Medium Enterprises in Singapore

10/03/2024


FOMO Pay, a leading Singapore-based major payment institution announced a strategic partnership today with Visa, the world’s leader in digital payments. Through this collaboration, FOMO Pay will integrate Visa’s QR into the SGQR network, enabling cardholders to scan the QR code and pay with their Visa cards. FOMO Pay will enable SGQR merchants to accept Visa QR payments, enabling the use of Visa credit and debit cards for scan-and-pay in Singapore.

As a fintech company with a global footprint, FOMO Pay offers one-stop digital payment, digital banking, and digital asset services to businesses worldwide. In Singapore, the company supports wide categories of merchants and SMEs in accepting over 25 digital payment methods, including Singapore Quick Response Code (SGQR) payment, a national unified QR payment system.

According to a recent Visa Consumer Payment Attitudes Study, QR code payments are emerging as the second most commonly used payment method in the Southeast Asia region, with nearly three in five Southeast Asian consumers now using QR code payments. In response to the growing demand for digital payments, FOMO Pay and Visa are collaborating to introduce Visa QR into the SGQR network, allowing merchants to accept Visa credit and debit cards through SGQR codes.

Louis Liu, founder and CEO of FOMO Pay, said, "Becoming the first Visa QR acquirer and processor is a testament to FOMO Pay's leadership in digital payments and our commitment to fostering a cashless society. As digital payment trends evolve, it is essential for both merchants and consumers to have access to seamless payment solutions. This collaboration with Visa enables us to empower more small and medium-sized businesses, expanding their reach to millions of global Visa cardholders and reinforcing our mission to drive success in Singapore's dynamic digital economy and beyond."

"This partnership is an important step in expanding Visa QR acceptance beyond our merchants’ network and empowering more choice to consumers," said Adeline Kim, Visa Country Manager for Singapore & Brunei. "By working with partners such as FOMO Pay who have successfully introduced digital payments acceptance to many small and medium businesses, we are able to increase our merchant acceptance footprint. Our study shows that QR usage from consumers across Southeast Asia is increasing and we are seeing more cross-border QR linkages being established. Hence, it is important that we provide tourists with an alternative payment method of choice and support SMBs in Singapore with a low-cost merchant payment solution,” she added.

To support SMEs in adopting digital payments, FOMO Pay has introduced a fully digital onboarding process on its official website, enabling quick and seamless integration of a full suite of digital payment methods, including the upcoming Visa QR.

The partnership between FOMO Pay and Visa marks a significant advancement in the digital payments landscape, enhancing financial inclusion for SMEs across Singapore. By integrating Visa QR into the SGQR network, this collaboration not only streamlines payment acceptance but also advances the vision of a cashless economy and drives digital transformation in the region.

 

About FOMO Pay

Founded in 2015, FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) regulated under the Payment Services Act in Singapore, licensed by the Monetary Authority of Singapore (MAS) to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. 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:

  • FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutions
  • FOMO iBank – Facilitate businesses’ everyday requirements for transactional banking needs
  • FOMO Treasury – One-stop digital asset services provider bridging Web 2.0 & Web 3.0

Visit www.fomopay.com for more information. For media inquiries, contact [email protected].


About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg