FOMO Pay to help more SMEs reach out to mainland Chinese customers with new FOLAH (易码付) service
Singapore, August 14, 2017
– Local payments company FOMO Pay enhances its existing services to help small and medium-sized enterprises in Singapore attract mainland Chinese customers. Starting from July this year, merchants without a point of sale (POS) terminal will be able to use FOLAH (易码付) to allow customers to pay via Chinese mobile payment methods such as WeChat Pay and Alipay.
FOLAH (易码付) is a QR code based technology that aggregates several payment methods. Each participating retailer will obtain its own unique QR code that will be placed on display at the cashier counter or around the stall. Then, customers simply have to scan the QR code via whichever mobile payment method they prefer, be it WeChat Pay, Alipay or Baidu Wallet to settle the bill and complete the transaction.
FOLAH (易码付) is targeted at businesses in Singapore that are not ready to invest in IT integration with POS terminals. This includes cash-only businesses such as small, independent businesses. Prior to FOLAH, these businesses were unable to accept Chinese-preferred mobile payment methods, thus missing out on opportunities to reach out to customers from mainland China.
China is Singapore’s second largest tourist market after Indonesia, making up 17.5% of the tourism market in 2016
. In addition, Chinese tourists were the biggest spenders in 2015 and 2016. Many businesses in Singapore have already looked to exploit this market in order to boost sales and increase revenue, especially businesses in the retail and F&B sectors. In June this year, Marina Bay Sands collaborated with FOMO Pay to launch a WeChat iBeacon campaign
in more than 70 participating retail stores so as to draw mainland Chinese tourists to shop and dine in its premises.
Current companies adopting FOLAH include Hu Zhen Long
, a specialty store selling traditional barbeque meat, and Wonderful Durian
, a durian stall situated at 147 Sims Avenue.
FOLAH allows traditional businesses such as Hu Zhen Long to accept Alipay and WeChat Pay by getting customers to scan the QR code displayed at the cashier counter using the respective apps that they would like to settle their payments in.
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.