Singapore – Singapore-based payment institution FOMO Pay has announced that it has recently partnered with digital payments firm Visa. The new partnership will enable FOMO to incorporate Visa’s QR into the SGQR network, allowing cardholders to scan the QR code and pay with their Visa cards.
Simultaneously, FOMO Pay will facilitate SGQR merchants to process Visa QR payments, offering customers the option to use Visa credit and debit cards for scan-and-pay in Singapore.
Through the integration, the partnership both streamlines payment acceptance and enhances the vision of a cashless economy and drives digital transformation in the region. These efforts mark a significant advancement in the digital payments landscape, enhancing financial inclusion for SMEs across Singapore.
Louis Liu, founder and CEO at FOMO Pay, stated, “Becoming the first Visa QR acquirer and processor is a testament to FOMO Pay’s leadership in digital payments and our commitment to fostering a cashless society. As digital payment trends evolve, it is essential for both merchants and consumers to have access to seamless payment solutions.”
Liu added, “This collaboration with Visa enables us to empower more small and medium-sized businesses, expanding their reach to millions of global Visa cardholders and reinforcing our mission to drive success in Singapore’s dynamic digital economy and beyond.”
“This partnership is an important step in expanding Visa QR acceptance beyond our merchants’ network and empowering more choice to consumers,” said Adeline Kim, country manager for Singapore and Brunei at Visa.
Kim then shared, “By working with partners such as FOMO Pay who have successfully introduced digital payments acceptance to many small and medium businesses, we are able to increase our merchant acceptance footprint. Our study shows that QR usage from consumers across Southeast Asia is increasing and we are seeing more cross-border QR linkages being established.”
“Hence, it is important that we provide tourists with an alternative payment method of choice and support SMBs in Singapore with a low-cost merchant payment solution,” she further explained.
Additionally, FOMO Pay has also launched a fully digital onboarding process on its official website to help SMEs integrate digital payments. This initiative enables quick and seamless integration of a full suite of digital payment methods, including the upcoming Visa QR.
