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News

Mastercard partners with FOMO Pay

Friday 17 November 2023 14:19 CET | News

Mastercard Singapore and FOMO Pay have partnered to introduce Mastercard QR within SGQR, allowing cardholders to scan and pay using their Mastercard. 

SGQR is the unified national QR for Singapore based on EMVCo* Merchant-Presented QR standards. Mastercard has a designated placeholder within EMVCo QR, ensuring uniformity and standardisation across national QRs aligned with EMVCo standards, enhancing interoperability. As stated in the official press release, FOMO Pay will enable SGQR merchants to accept Mastercard QR payments, enabling the use of Mastercard credit and debit cards for scan-and-pay at SGQR codes. 

Mastercard Singapore and FOMO Pay have partnered to introduce Mastercard QR within SGQR, allowing cardholders to scan and pay using their Mastercard.

While traditional payment methods limit consumers to using bank or wallet accounts for transactions at SGQR-accepting merchants in Singapore, Mastercard QR seeks to simplify payment processes for merchants. This is done by eliminating the need for traditional POS terminals and reducing operational costs, helping micro-small and medium enterprises expand their reach and serve more domestic and international Mastercard cardholders. In addition to benefiting merchants, this initiative aims to expand the choice of payment options, as it combines the ease of QR payments with the security of card payments, complete with the option of chargeback rights. 

With solid security measures in place leveraging Mastercard’s core payment network, only certified mobile applications enrolled in the program can initiate payments, providing an extra layer of security for both banks and cardholders. Mastercard QR’s global accessibility enables international Mastercard cardholders, including inbound tourists with enabled mobile apps, to utilise this payment method across different regions. 

About FOMO Pay 

FOMO Pay is a payment institution regulated under the Payment Services Act in Singapore to conduct cross-border money transfer service, domestic money transfer service, digital payment token service, and merchant acquisition service.  

The company 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 Crypto – Asia’s first licensed gateway bridging fiat and digital currency 


Source: Link


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Keywords: QR code, QR payments, cross-border payments, money transfer, digital payments
Categories: Payments & Commerce
Companies: FOMO Pay, Mastercard
Countries: Singapore
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Payments & Commerce

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FOMO Pay

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Mastercard

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