Singapore-based Quick Response (QR) payment processing platform FOMO Pay announced today its partnership with local fintech firm D’ Cube Concepts to roll out the nation’s first SGQR-enabled vending machine. Both firms will collaborate with the aim to upgrade 1,000 vending machines across Singapore, by the end of 2020. Furthermore, this solution will be rolled out progressively over the next three years and will be made available to major vending machine operators in Singapore. Currently, there are 12 pilot models in Singapore that have been upgraded to accept payments through SGQR.
Through this solution provided by both parties, vending machine operators will also have access to real-time payment transaction and inventory records online. This enables them to track their sales timely, optimise their scarce manpower for stock replenishment and improve their cash flow by eliminating manual cash collection.
Re-disseminated by The Asian Banker