Singapore – FOMO Pay, a Singapore-based financial services firm, has recently teamed up with Mastercard to introduce its ‘Tap on Phone’ payment solution, FOMO SoftPOS. This new solution will enable merchants to process contactless card payments directly through their smartphones using the company’s pay app.
It will further enhance payment options for customers as well as offer merchants with greater flexibility and mobility. Said flexibility will be achieved by enabling multiple smartphones to be activated for transaction processing as needed.
According to the firm, their collaboration with Mastercard also brings ‘Tap on Phone’ solutions to merchants, offering the technology to banks and financial institutions who want to launch their own branded SoftPOS.
Merchants can then download the FOMO SoftPOS app and accept a wide range of payment methods, including QR payments, mobile wallets, and credit cards. This new Tap on Phone solution is also suited for pop-up stores, food trucks, taxis, pay-on-delivery services, and more.
Moreover, banks and financial institutions can also use this technology to offer their own contactless payment solutions to their merchant networks.
“Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction,” said Louis Liu, founder and CEO at FOMO Pay.
“Our FOMO SoftPOS empowers more businesses to accept payments using their own mobile devices, driving financial inclusion and supporting the growth of SMEs. Mastercard Cloud Commerce is central to this mission, helping us create scalable solutions that address the needs of today’s fast-evolving digital economy,” he further shared.
Deborah Heng, country manager of Singapore at Mastercard, also remarked, “Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower the cost of acceptance and simplify onboarding, making the payment process smoother and more efficient.”
“Mastercard Cloud Commerce will advance payment solutions and help small businesses unlock the benefits of digital payments while offering their customers a simple and secure payment experience,” added Heng.
