Thursday, 6 October 2022

FOMO Pay unveils first cryptocurrency payment solution for retailers in Singapore

5 min read

Singapore, 13 April 2022 – Retailers in Singapore can now accept digital payment tokens (DPT), through a new cryptocurrency (crypto) payment solution introduced by Singapore-based Major Payment Institution FOMO Pay. The new payment method targetted at retailers is the first such to be developed by a Digital Payment Token (DPT) licensee in Singapore. 

FOMO Pay has begun implementing its new solution with luxury retailers – such as EuroSports Auto, 2ToneVintage, and Luxehouze, amongst others – in compliance with regulations.

A survey conducted with 1,500 internet users in Singapore by comparison site The Finder stated that Singapore’s crypto ownership rate is at 15.8% (January 2022), slightly above the 15.5% global average. A sample size of over 800 consumers in Singapore surveyed by FIS found that 33% would be interested in using crypto to make their payments in the future. With consumers’ interest in using crypto for their payments, this ties in with why crypto is expected to receive continued attention from regulators in Singapore particularly on how infrastructure can be secured to protect large amounts of capital deployed in the crypto market, underscored in KPMG’s recent Pulse of Fintech H2’21. 

Louis Liu, Founder and Chief Executive Officer at FOMO Pay, shared, “The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments. FOMO Pay aims to gear our merchants with crypto acceptance, allowing them to support more payment methods. This brings us one step closer towards our mission to build Asia’s first licensed gateway that connects businesses with fiat and crypto.” 

Through a comprehensive range of crypto payment options, retailers will be able to accept a range of different cryptocurrencies, including but not limited to Bitcoin, Ethereum, USDT, and USDC.  

In addition to being Singapore’s first DPT licensee, FOMO Pay is also part of the DBS Digital Exchange ecosystem. Through strategic partnerships and leveraging technologies from trusted partners such as crypto wallet imToken and predictive blockchain monitoring platform Merkle Science, FOMO Pay has created a secure environment for retailers to use the new solution. 

Merchants who adopt the crypto payment solution will see a reduction in cost due to lower transaction fees compared to those from conventional fiat currency payment methods. By receiving settlements in fiat currency, they will also not be exposed to forex fluctuations that could arise from receiving payment in crypto. 

 

Re-disseminated by The Asian Banker

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