Singapore-based FinTech firm FOMO Pay said Wednesday it has rolled out a new cryptocurrency (crypto) payment solution for retailers in Singapore, which allowed them to accept digital payment tokens (DPT).
The new payment method targetted at retailers is the first such to be developed by a DPT licensee in Singapore, FOMO Pay said in a statement.
It said it has begun implementing its new solution with luxury retailers – such as EuroSports Auto, 2ToneVintage, and Luxehouze, amongst others – in compliance with regulations.
“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,” said Louis Liu, Founder and Chief Executive Officer at FOMO Pay.
Through a comprehensive range of crypto payment options, retailers will be able to accept a range of different cryptocurrencies, including but not limited to bitcoin, ethereum, tether (USDT), and USD coin (USDC).
In addition to being Singapore’s first DPT licensee, FOMO Pay is also part of the DBS Digital Exchange ecosystem. Through strategic 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 is a payment institution in Singapore that is licensed by the Monetary Authority of Singapore to conduct cross-border money transfer service, domestic money transfer service, DPT service, and merchant acquisition service. Founded in 2015, the company become a one stop digital payment and banking solution provider.
The firm opined that 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.
The firm has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Asia and Africa. Its 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. The firm aims to build Asia’s first licensed gateway helping corporates connect with fiat and cryptocurrency.
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