FOMO Pay, a Singapore-based payment institution, has partnered with Mastercard to launch FOMO SoftPOS, a Tap on Phone payment solution.
The collaboration allows merchants to accept contactless card payments directly on their smartphones using the FOMO Pay app available on the Google Play Store.
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This technology offers customers more payment options and provides merchants with greater flexibility and mobility, as multiple smartphones can be activated for use as needed.
Singapore is said to be the first country in Asia-Pacific where Mastercard will launch Cloud Commerce. This cloud-based payment solution enables local payment providers such as FOMO Pay to build cloud-based products.
Mastercard’s Cloud Commerce allows merchants to 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.
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By GlobalDataMastercard Singapore country manager Deborah Heng 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.”
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, according to FOMO Pay.
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, and taxis, pay-on-delivery services.
In addition to merchants, banks and financial institutions can leverage the Tap on Phone technology and provide their own contactless payment solutions to their merchants.
FOMO Pay founder and CEO Louis Liu 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.”
Founded in 2015, FOMO Pay is a payment institution licenced in Singapore and Hong Kong. In 2022, FOMO Pay partnered with Circle Internet Financial to integrate USD Coin (USDC) into its services.
