Mastercard Singapore and FOMO Pay have collaborated to introduce Mastercard QR within SGQR, the unified national QR code of Singapore. This initiative, in line with EMVCo Merchant-Presented QR standards, allows cardholders to use Mastercard credit and debit cards for payments by scanning SGQR codes.
The integration aims to simplify the payment process for merchants by doing away with the need for traditional point-of-sale systems. This move is particularly advantageous for micro, small, and medium enterprises, helping them extend their services to a broader range of customers, including domestic and international Mastercard users.
For consumers, this development offers an expanded range of payment options. It combines the simplicity of QR code payments with the security features of card payments, such as chargeback rights. According to the Mastercard New Payments Index Survey 2021, 74% of consumers show a preference for small businesses that provide a variety of payment options.
Mastercard QR is designed with stringent security protocols, allowing only certified mobile applications to initiate payments. This feature enhances the safety of transactions for both banks and cardholders. Additionally, the global reach of Mastercard QR enables international cardholders, including tourists, to use this payment method in different regions.
Louis Liu, Founder and CEO of FOMO Pay, remarked on the significance of this development.
“As the first Mastercard QR acquirer and processor in Singapore, FOMO Pay is at the forefront of this new digital payment solution, which is fast, convenient, and secure. Our aim is to support various industries in enhancing their payment systems, especially benefiting small and medium-sized businesses and unbanked consumers,”
Deborah Heng, Singapore Country Manager of Mastercard, highlighted the broader implications of this initiative.
“Mastercard QR is an important addition to Singapore’s payments ecosystem. It supports the digitalization of small and medium-sized enterprises with cost-efficient solutions and is in line with our commitment to promoting cashless transactions and enhancing cross-border payment facilities, which in turn supports inbound tourism,”
From November 2023, the Mastercard QR payment service will be available across FOMO Pay’s network of merchants, providing a diverse range of payment options to customers and encouraging repeat business.
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