FOMO Pay Partners with Mastercard for Contactless Payment Solutions

In today's fast-paced digital world, the way we make payments is evolving rapidly. With the rise of smartphones and contactless technology, businesses are looking for more efficient ways to accept payments. Recently, FOMO Pay, a prominent payment institution based in Singapore, announced an exciting partnership with Mastercard to introduce a new payment solution called FOMO SoftPOS. This innovative technology allows merchants to accept contactless card payments directly on their smartphones, making transactions easier and more accessible for everyone.

The FOMO SoftPOS app, available for download on the Google Play Store, enables merchants to process payments without the need for traditional point-of-sale (POS) terminals. This is particularly beneficial for small and medium-sized enterprises (SMEs) that may find it challenging to invest in expensive payment hardware. With the Tap on Phone solution, businesses can turn their smartphones into payment acceptance devices, significantly reducing costs and increasing flexibility.

Mastercard's Cloud Commerce technology plays a crucial role in this development. It allows merchants to process transactions using cloud-based solutions, eliminating the need for physical equipment. This means that businesses can accept payments anywhere they have internet access, catering to the needs of today's digital-savvy consumers. In Singapore, where over 90% of the population uses contactless payments, this solution is expected to enhance the payment landscape, especially for SMEs that have been slower to adopt such technologies.

According to recent statistics, only 50% of SMEs in Singapore currently accept mobile wallets, and a mere 36% accept contactless cards. The reluctance to maintain payment hardware has been a significant barrier. However, with the introduction of Tap on Phone solutions, these businesses can cut costs by over 90%, making it easier for them to embrace modern payment methods.

The FOMO SoftPOS app supports a variety of payment methods, including QR payments, mobile wallets, and credit cards. This versatility opens up numerous possibilities for merchants, from pop-up stores and food trucks to taxis and pay-on-delivery services. Additionally, banks and financial institutions can leverage this technology to offer their own branded contactless payment solutions, further expanding the reach of digital payments.

Louis Liu, the founder and CEO of FOMO Pay, emphasized the importance of this innovation, stating, "Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction." This sentiment is echoed by Deborah Heng, Country Manager for Mastercard in Singapore, who noted that smartphone-based payment solutions simplify the payment process for small businesses, making it smoother and more efficient.

As we move further into the digital age, the collaboration between FOMO Pay and Mastercard represents a significant step towards financial inclusion and the growth of SMEs. By making payment acceptance more accessible, these innovations not only benefit businesses but also enhance the overall customer experience. In a world where convenience is key, solutions like FOMO SoftPOS are paving the way for a more connected and efficient economy.