Fintech company based in Singapore FOMO pay We partnered with master card We are debuting FOMO SoftPOS, our new Tap on Phone payment solution.
This will enable businesses to process contactless card payments directly on their smartphones via the FOMO Pay app. Google Play Store.
FOMO SoftPOS provides a more affordable and convenient alternative to traditional POS terminals, significantly reducing hardware costs by over 90%.
This is particularly beneficial for small and medium-sized enterprises (SMEs) in Singapore, which have been slow to adopt contactless payments.
Currently, only 50% of small businesses accept mobile wallets and 36% of small businesses accept contactless cards.
By utilizing mastercard cloud commerceFOMO SoftPOS allows merchants to use their smartphones to accept a variety of payment methods, including contactless cards, QR payments, and mobile wallets.
This increased flexibility and mobility is perfect for businesses like pop-up stores, food trucks, taxis, and delivery services.
The technology is also available to banks and financial institutions looking to offer their own contactless payment solutions.
The partnership is expected to significantly increase card acceptance points across Asia, with millions of new merchants adopting the technology.
Louis Liu, Founder and CEO of FOMO Pay, said:
“Our FOMO SoftPOS enables more businesses to accept payments using their mobile devices, promoting financial inclusion and supporting small business growth.
Mastercard Cloud Commerce is central to this mission, helping you create scalable solutions that meet the needs of today’s rapidly evolving digital economy. ”
Deborah Heng, Mastercard’s country manager for Singapore, said:
“Smartphone-based payment solutions reduce reception costs, simplify onboarding, and make the payment process smoother and more efficient.
Mastercard Cloud Commerce is evolving payment solutions to help small and medium-sized businesses maximize the benefits of digital payments while providing customers with a simple and secure payment experience. ”
