Singapore-based fintech company FOMO Pay has partnered with Mastercard to debut FOMO SoftPOS, a new Tap on Phone payment solution.
This enables businesses to process contactless card payments directly on their smartphones via the FOMO Pay app, available on the Google Play Store.
FOMO SoftPOS offers a more affordable and convenient alternative to traditional POS terminals, significantly reducing hardware costs by over 90%.
This is particularly beneficial for small and medium-sized enterprises (SMEs) in Singapore, where adoption of contactless payments has been slower.
Currently, only 50% of SMEs accept mobile wallets and 36% accept contactless cards.
By leveraging Mastercard Cloud Commerce, FOMO SoftPOS allows merchants to accept a variety of payment methods, including contactless cards, QR payments, and mobile wallets, using their own smartphones.
This increased flexibility and mobility is ideal for businesses such as pop-up stores, food trucks, taxis, and delivery services.
The technology is also available to banks and financial institutions looking to offer their own contactless payment solutions.
This collaboration is expected to significantly increase card acceptance points across Asia, with projections of millions of new merchants adopting the technology.
Louis Liu, Founder and CEO of FOMO Pay, said,
“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.”
Deborah Heng, Country Manager, Singapore, Mastercard, said,
“Smartphone-based payment solutions lower 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.”
