FOMO Pay, a prominent Singapore-based major payment institution, has announced a strategic partnership with Visa, the global leader in digital payments. This collaboration marks a significant step toward expanding digital payment capabilities in Singapore.
FOMO Pay will integrate Visa’s QR payment system into the Singapore Quick Response (SGQR) network, enabling Visa cardholders to scan SGQR codes and pay with their credit or debit cards.
This integration will allow merchants across Singapore to accept Visa QR payments, enhancing the overall convenience and accessibility of cashless transactions for both businesses and consumers.
FOMO Pay has established itself as a fintech company with a global footprint, offering businesses a comprehensive suite of digital payment, digital banking, and digital asset services.
In Singapore, the company supports a wide range of merchants, including SMEs, in accepting over 25 different digital payment methods. This includes the SGQR system, a national unified payment network designed to streamline QR payments across the country.
As QR code payments gain popularity, FOMO Pay’s partnership with Visa responds to a growing demand. According to Visa’s recent Consumer Payment Attitudes Study, QR payments are now the second most commonly used payment method in Southeast Asia, with nearly three out of five consumers opting for QR payments.
This trend signals a shift toward greater adoption of digital transactions, as both consumers and businesses seek faster, more efficient ways to process payments.
The collaboration between FOMO Pay and Visa is designed to meet this increasing demand by offering merchants in Singapore the ability to accept Visa QR payments. As Visa credit and debit cardholders can now pay by simply scanning the SGQR code, the integration provides a seamless and secure payment option that enhances the customer experience.
Louis Liu, founder and CEO of FOMO Pay, expressed pride in becoming the first Visa QR acquirer and processor, stating, “This partnership is a testament to FOMO Pay’s leadership in the digital payments space and our ongoing commitment to fostering a cashless society.
“As digital payment trends evolve, it’s crucial that both merchants and consumers have access to seamless payment solutions. This collaboration with Visa empowers more SMEs, expanding their reach to millions of Visa cardholders globally and reinforcing our mission to drive success in Singapore’s dynamic digital economy and beyond.”
Adeline Kim, Visa Country Manager for Singapore and Brunei, highlighted the importance of the partnership in expanding the reach of Visa QR payments. “This collaboration with FOMO Pay is a critical step in increasing Visa QR acceptance beyond our existing network of merchants, offering consumers more payment choices.
“By partnering with digital payment leaders like FOMO Pay, who have successfully introduced QR payments to many small and medium businesses, we are able to extend our merchant acceptance footprint,” she said.
Kim also noted that Visa’s study reflects a growing trend of QR payment usage across Southeast Asia, including cross-border QR linkages, making it essential to offer tourists and local consumers an alternative payment option. Supporting SMEs with a cost-effective merchant payment solution is also a key goal of this initiative.
To further ease the adoption of digital payments, FOMO Pay has introduced a fully digital onboarding process on its official website. This quick and seamless integration allows SMEs to adopt a full range of digital payment methods, including the newly introduced Visa QR, ensuring that even smaller businesses can participate in Singapore’s digital transformation.
The partnership between FOMO Pay and Visa represents a major milestone in the advancement of Singapore’s digital payment ecosystem. By integrating Visa QR into the SGQR network, the collaboration not only simplifies the payment acceptance process for merchants but also contributes to the broader vision of a cashless economy.
This strategic alliance is poised to drive digital transformation, enhancing financial inclusion for SMEs across Singapore and strengthening the nation’s position as a leader in digital payments. Through innovative partnerships like this, the future of commerce in Singapore is becoming increasingly digital, efficient, and inclusive.