FOMO Pay partners with Mastercard to launch a new payment solution

This new solution allows merchants to accept contactless card payments directly through smartphones. Available via the FOMO Pay app on Google Play, the product offers flexibility for businesses by enabling them to process payments using multiple smartphones. 

It aims to provide both more payment options for customers and greater mobility for merchants.

Cloud-based payment solutions in Singapore

Singapore is the first country in the Asia-Pacific region where Mastercard is introducing its Cloud Commerce technology. This cloud-based payment system enables local payment providers such as FOMO Pay to create mobile solutions that process transactions without the need for physical point-of-sale (POS) terminals.  

According to FOMO Pay, Cloud Commerce reduces reliance on hardware, streamlines setup, and allows for flexible, scalable payment processing. This system enables businesses to accept payments from anywhere with an internet connection, catering to the increasing demand for digital payment methods among consumers. 

Through this collaboration with Mastercard, FOMO Pay aims to provide Tap on Phone solutions to local merchants and extend the technology to banks and financial institutions looking to offer their own SoftPOS services. 

Despite the widespread use of contactless payments in Singapore, with over 90% of the population adopting this method, small and medium-sized enterprises (SMEs) have been slow to adopt mobile payment options. Around 50% of SMEs accept mobile wallets, and only 36% accept contactless cards, primarily due to concerns over maintaining costly payment hardware. 

FOMO Pay’s Tap on Phone solution addresses these concerns by significantly lowering the cost of payment acceptance, reducing hardware expenses by over 90%. The FOMO SoftPOS app supports a variety of payment methods, including QR payments, mobile wallets, and credit cards. The solution is well-suited for diverse business types such as food trucks, pop-up shops, taxis, and pay-on-delivery services.  

Representatives from FOMO Pay emphasised that the Tap on Phone solution offers businesses a cost-effective and flexible method to accept payments, improving operational efficiency and customer experience. They highlighted that the partnership with Mastercard helps support the growth of SMEs by providing scalable, cloud-based payment options that cater to the demands of a digital economy. 

Officials from Mastercard pointed out that smartphone-based payment solutions lower the cost of accepting payments for small businesses and simplify the onboarding process. They noted that Mastercard Cloud Commerce would play a key role in advancing digital payment solutions for small businesses, helping them offer a more seamless and secure payment experience for their customers.