Singapore-based major payment institution FOMO Pay announced that local retailers can now accept digital payment tokens (DPT) through its new cryptocurrency payment solution.

According to a statement by FOMO Pay, the new payment method targeted at retailers is the first such to be developed by a DPT licensee in Singapore.

The company added that retailers will be able to accept a range of different cryptocurrencies, including but not limited to Bitcoin, Ethereum, USDT, and USDC.

FOMO Pay aims to reduce the cost of transaction fees for merchants who adopt this payment solution compared to those from conventional fiat currency payment methods.

Additionally, they will also not be exposed to forex fluctuations that could arise from receiving payment in crypto by receiving settlements in fiat currency,

Through strategic partnerships and leveraging technologies from 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.

FOMO Pay has begun implementing its new solution with luxury retailers in compliance with regulations.

In September last year, FOMO Pay was granted a Digital Payment Token (DPT) Service license by MAS.

FOMO Pay was also among the first DPT licensees to join the DBS Digital Exchange as a member.

Louis Liu, Founder and Chief Executive Officer at FOMO Pay said,

“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.”