FOMO Pay is the primary Main Fee Establishment to introduce a cryptocurrency cost technique for retailers in Singapore
The brand new resolution is a part of the agency’s mission in constructing Asia’s first licensed gateway connecting companies to each fiat and cryptocurrency
SINGAPORE, April 13, 2022 /PRNewswire/ — Retailers in Singapore can now settle for digital cost tokens (DPT), by way of a brand new cryptocurrency (crypto) cost resolution launched by Singapore-based Main Fee Establishment FOMO Pay. The brand new cost technique targetted at retailers is the primary such to be developed by a Digital Fee Token (DPT) licensee in Singapore.
FOMO Pay has begun implementing its new resolution with luxurious retailers – reminiscent of EuroSports Auto, 2ToneVintage, and Luxehouze, amongst others – in compliance with rules.
A survey carried out with 1,500 web customers in Singapore by comparability web site The Finder acknowledged that Singapore’s crypto possession charge is at 15.8% (January 2022), barely above the 15.5% international common. A pattern dimension of over 800 shoppers in Singapore surveyed by FIS discovered that 33% could be eager about utilizing crypto to make their funds sooner or later. With shoppers’ curiosity in utilizing crypto for his or her funds, this ties in with why crypto is anticipated to obtain continued consideration from regulators in Singapore significantly on how infrastructure might be secured to guard massive quantities of capital deployed within the crypto market, underscored in KPMG’s latest Pulse of Fintech H2’21.
Louis Liu, Founder and Chief Government Officer at FOMO Pay, shared, “The rise within the adoption of cryptocurrency has opened up extra avenues for shoppers in the best way they make their funds. FOMO Pay goals to gear our retailers with crypto acceptance, permitting them to assist extra cost strategies. This brings us one step nearer in direction of our mission to construct Asia’s first licensed gateway that connects companies with fiat and crypto.”
By means of a complete vary of crypto cost choices, retailers will have the ability to settle for a variety of various cryptocurrencies, together with however not restricted to Bitcoin, Ethereum, USDT, and USDC.
Along with being Singapore’s first DPT licensee, FOMO Pay can be a part of the DBS Digital Alternate ecosystem. By means of strategic partnerships and leveraging applied sciences from trusted companions reminiscent of crypto pockets imToken and predictive blockchain monitoring platform Merkle Science, FOMO Pay has created a safe atmosphere for retailers to make use of the brand new resolution.
Retailers who undertake the crypto cost resolution will see a discount in value as a consequence of decrease transaction charges in comparison with these from standard fiat foreign money cost strategies. By receiving settlements in fiat foreign money, they will even not be uncovered to foreign exchange fluctuations that would come up from receiving cost in crypto.
Please seek advice from the annex under for quotes from retailers who’re presently utilizing the brand new crypto cost resolution by FOMO Pay.
About FOMO Pay
FOMO Pay Pte Ltd is a significant cost establishment (License No. PS20200145) in Singapore, licensed by the Financial Authority of Singapore to conduct Cross-border Cash Switch Service, Home Cash Switch Service, Digital Fee Token Service, and Service provider Acquisition Service. Based in 2015, we’ve develop into a number one one cease digital cost and banking resolution supplier. Acceptance of card cost, QR cost and upcoming crypto foreign money has elevated dramatically as governments across the area push an agenda for making a cashless society and fostering monetary inclusion.
FOMO Pay has enabled retailers and monetary establishments to just accept a complete suite of cost strategies in rising markets throughout Asia and Africa. Our companions embrace NETS, Mastercard, GrabPay, Singtel Sprint, WeChat Pay, Shopee Pay, and so forth. FOMO Pay was additionally one of many founding members of the Singapore Fast Response Code (SGQR) taskforce and contributed to the introduction of the SGQR – a nationwide customary to unify all e-wallets and transfer in direction of selling a cashless society in Singapore. FOMO Pay goals to construct Asia’s first licensed gateway serving to corporates join with fiat and cryptocurrency.
Annex: Testimonials from present retailers
Ali Nael, Founder, 2ToneVintage
2ToneVintage Watches is a well-reputed retailer of classic luxurious timepieces. The collections include uncommon, beautiful and historically-significant watches, pocket watches and clocks sourced globally. Founder & CEO, Mr. Ali Nael emphasises on a stringent strategy of checks and authentication to make sure the showroom presents solely genuine, authentic and pristine classic timepieces to the market. 2ToneVintage Watches is right this moment, a acknowledged classic watch specialist internationally.
“Luxurious watches have lengthy been a collector’s merchandise, and have additionally gained recognition in its place asset class. FOMO Pay’s resolution gives us with the pliability to broaden our vary of cost strategies accepted from consumers who’ve various cost references – which can open extra alternatives for brand spanking new consumers to succeed in out to us.”
Shawn Ting, Co-Founder, Luxehouze
Luxehouze is Asia’s main luxurious items market with an ever-growing presence within the area. With an preliminary emphasis on luxurious timepieces, it permits prospects to purchase and promote watches from the likes of Richard Mille, Patek Phillipe, and extra. Luxehouze gives prospects with simple and direct entry to luxurious items and ensures that each one objects being offered on its platform are 100% genuine by way of its rigorous verification and authentication processes
“As individuals who put money into crypto begin to spend on luxurious items, together with premium watches, extra retailers like us are starting to just accept crypto funds. Having an easy-to-use funds interface like FOMO Pay’s permits us to obtain cost in numerous cryptocurrencies simply with out having to fret about foreign exchange fluctuations.”
 Key Singaporean crypto adoption trends for January 2022, The Finder
 Generation Pay Report 2021, Worldpay from FIS
 Pulse of Fintech H2’21, KPMG
SOURCE FOMO Pay