SINGAPORE, April 13, 2022 /PRNewswire/ -- 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[1]. 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[2]. 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[3].
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.
Please refer to the annex below for quotes from retailers who are currently using the new crypto payment solution by FOMO Pay.
About FOMO Pay
FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. Founded in 2015, we have become a leading one stop digital payment and banking solution provider. Acceptance of card payment, QR payment and upcoming crypto currency has increased dramatically as governments around the region push an agenda for creating a cashless society and fostering financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Asia and Africa. Our partners include NETS, Mastercard, GrabPay, Singtel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also one of the founding members of the Singapore Quick Response Code (SGQR) taskforce and contributed to the introduction of the SGQR – a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore. FOMO Pay aims to build Asia's first licensed gateway helping corporates connect with fiat and cryptocurrency.
Annex: Testimonials from existing retailers
Ali Nael, Founder, 2ToneVintage
2ToneVintage Watches is a well-reputed retailer of vintage luxury timepieces. The collections consist of rare, exquisite and historically-significant watches, pocket watches and clocks sourced globally. Founder & CEO, Mr. Ali Nael emphasises on a stringent process of checks and authentication to ensure the showroom offers only authentic, original and pristine vintage timepieces to the market. 2ToneVintage Watches is today, a recognized vintage watch specialist internationally.
"Luxury watches have long been a collector's item, and have also gained popularity as an alternative asset class. FOMO Pay's solution provides us with the flexibility to expand our range of payment methods accepted from buyers who have varying payment references – which will open more opportunities for new buyers to reach out to us."
Shawn Ting, Co-Founder, Luxehouze
Luxehouze is Asia's leading luxury goods marketplace with an ever-growing presence in the region. With an initial emphasis on luxury timepieces, it allows customers to buy and sell watches from the likes of Richard Mille, Patek Phillipe, and more. Luxehouze provides customers with easy and direct access to luxury goods and ensures that all items being sold on its platform are 100% authentic through its rigorous verification and authentication processes
"As people who invest in crypto start to spend on luxury goods, including premium watches, more retailers like us are beginning to accept crypto payments. Having an easy-to-use payments interface like FOMO Pay's allows us to receive payment in various cryptocurrencies easily without having to worry about forex fluctuations."
[1] Key Singaporean crypto adoption trends for January 2022, The Finder
[2] Generation Pay Report 2021, Worldpay from FIS
[3] Pulse of Fintech H2'21, KPMG
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