FOMO Pay, a mobile payment integrator in Singapore experiences business boom
Louis Liu, the Founder of FOMO Pay was interviewed and mentioned in Lianhe Zaobao’s 6 July article - 融合“移动支付”工程师生意大增
. In the article, Louis shared about how FOMO Pay was founded, the difficulties faced on the route to success, as well as future plans for the company.
He learnt that many local business owners were interested in new mobile payment solutions such as Apple Pay, WeChat Pay, Alipay, etc, but did not have the time to learn more about them in-depth nor to negotiate with each payment service providers individually. As such, he saw an opportunity, and FOMO Pay was started to address this market gap.
FOMO, in Millennial acronym, is known as Fear of Missing Out, used to describe the anxiety one might experience when they are missing out on a rewarding experience or event that their peers are going through. FOMO Pay aims to maintain close contact with their clients and help them to understand and learn about mobile payment methods that they may be unfamiliar with initially.
FOMO Pay specializes in Chinese payment modes, such as Alipay, Union Pay and WeChat Pay. Clients of FOMO Pay include well-known local brands such as StarHub, TWG Tea, Lacoste, Marina Bay Sands, Charles & Keith, etc. When local businesses integrate these Chinese payment methods, they can potentially increase their customer base not only to Chinese tourists visiting Singapore, but also to Chinese customers in China. For example, FOMO Pay helped a local durian stall vendor market its durian to consumers in China, increasing sales threefold! All this was possible, as the vendor was willing to integrate WeChat Pay into its existing payment infrastructure. In addition, FOMO Pay assisted the vendor in arranging delivery of its durian, and helped advertise for the business on WeChat’s advertising platform.
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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 local 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.