Mastercard, a global technology company in the payments industry, and FOMO Pay, a leading digital payment solution provider, have joined forces to integrate Mastercard QR within Singapore’s SGQR, a unified national QR code standard. This collaboration is set to transform payment options for cardholders in Singapore.
The partnership aims to streamline payment processes and enhance the consumer experience in Singapore. By integrating Mastercard QR within SGQR, the initiative allows Mastercard cardholders to use their credit and debit cards for scan-and-pay transactions at SGQR-enabled merchants.
FOMO Pay, established in 2015, is a significant player in Singapore’s digital payment landscape. Licensed under the Payment Services Act, FOMO Pay provides a range of services including cross-border and domestic money transfers, digital token services, and merchant acquisition. Notably, it’s building Asia’s first licensed gateway for fiat and digital currency integration. FOMO Pay’s products include FOMO Payment, FOMO iBank, and FOMO Crypto.
The integration of Mastercard QR within SGQR is a strategic move to accommodate the growing preference for QR code payments. Unlike traditional methods that limit transactions to bank or wallet accounts, this initiative simplifies payments and cuts operational costs for merchants, particularly benefiting micro, small, and medium enterprises. Additionally, it offers an enriched payment experience for domestic and international cardholders.
Mastercard QR leverages robust security measures, ensuring secure transactions across its core payment network. This innovation is aligned with Mastercard’s commitment to advancing Singapore’s digitalization and supporting small and medium-sized enterprises with cost-efficient solutions.
Louis Liu, founder and CEO of FOMO Pay, commented, “Given the rise of QR payments and the transition into a digital economy, both consumers and businesses are seeking a streamlined, frictionless payment experience. As an industry-leading digital payment solution provider, FOMO Pay takes pride in being at the forefront of the Mastercard QR initiative as the first Mastercard QR acquirer and processor in Singapore, offering a fast, convenient, and secure payment solution for various industries.”
“This opens new doors for businesses to enhance in-store and cross-border experiences and aligns with our commitment to empowering businesses and consumers, especially small and medium-sized businesses and unbanked consumers, in navigating the dynamic digital payment landscape.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
