Homegrown mobile payment startup, FOMO Pay, has been featured in several Hong Kong media outlets including Oriental Daily News (东方日报). This came after FOMO Pay was shortlisted as a finalist in DBS Accelerator (星展創投計劃), a venture capital program held in Hong Kong.
Mainland Chinese consumers are offered a variety of ways to pay for goods and services using their mobile phones, such as WeChat Pay, AliPay and Baidu Wallet. While it is extremely convenient to use mobile payment options for transactions within China, these customers often face difficulties using the same methods to pay overseas. Reason being, many merchants overseas still do not accept WeChat Pay, AliPay, and other similar mobile payment methods. As such, FOMO Pay combines a large number of payment applications into a one-stop payment service to help businesses target the crowds of incoming Chinese tourists and online shoppers.
What does “one-stop” mean?
FOMO Pay’s co-founder, Yang Zhan, explained in an interview that this means merchants and customers do not need to find a common payment method in order to make a successful transaction. First, merchants will need to choose their preferred payment method after entering the price of the good or service in the FOMO Pay platform, and a QR code will be generated. Next, customers just need to use their mobile phone to scan the QR code, and easily complete the transaction using their own preferred mobile payment method.
As of now, FOMO Pay charges 1.35% to 1.7% of the revenue per online transaction, and 2.3% to 3% for offline transactions as service charges. There are currently around 120 businesses in Singapore that utilize FOMO Pay’s services, including Lacoste and TWG. More than 30 of these businesses are online stores, such as Lianhe Zaobao’s online subscription platform.
FOMO Pay has plans to expand into neighbouring Southeast Asian countries such as Thailand and Indonesia in the near future, and who knows? Hong Kong might be next.
About FOMO Pay Pte. Ltd
FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program.
FOMO Pay provides a one-stop solution for overseas merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay.
FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.