FOMO to bring QR code payment experience to Visa’s booth at Singapore Fintech Festival (13-17 Nov)
Apart from being shortlisted as a finalist in the FinTech Awards category during this year’s annual Singapore Fintech Festival (‘SFF’), FOMO Pay has also been invited by Visa to showcase the latest in mobile payment technology at their booth.
The SFF is an annual event organized by the MAS in conjunction with the Association of Banks in Singapore that will bring together start-ups, investors, financial institutions, and research institutes. At this year’s event, Visa will present the latest payment technology, which would include mVisa (a mobile wallet), Visa payWave and Visa Checkout.
Visa’s latest mVisa product is a QR based payment service, currently available in India, Kenya and Rwanda. It requires no additional device to be installed thus overcoming merchant infrastructure issues. Through mVisa, consumers can use their mobile phones to make cashless purchases at merchant outlets, pay bills remotely and securely send money to friends and family friends.
Similar to WeChat Pay and Alipay, mVisa allows merchants around the world to immediately accept digital payments from their customers, preventing unnecessary monetary expenditure on expensive point of sale infrastructure. As explained by Mr Uttam Nayak, senior vice president of digital for emerging markets, Visa Inc, mVisa has been positively received especially by small merchants who ‘are most excited about how quickly and securely they receive electronic payments’. Visa has also recently announced the expansion of mVisa to consumers in Egypt, Ghana, Indonesia, Kazakhstan, Nigeria, Pakistan and Vietnam.
For this year’s SFF, FOMO Pay has been issued with the Solution Approval from Visa to use the mVisa QR code specification to facilitate payment via our FOMO Pay merchant app. FOMO Pay will demonstrate the user experience to industry stakeholders and professionals. The demonstration workflow will be as follows:
- Customer uses mVisa mobile wallet to scan the QR code displayed at the cash counter.
- The merchant informs the customer of the billing amount.
- Customer will enter the billing amount in mVisa mobile wallet.
- Once the payment goes through, the merchant will receive a push notification on the FOMO Pay merchant app as well as an audio alert announcing the amount received.
- With the payment process completed, the merchant can expect the payment to be settled into his/her bank account.
Through the demonstration, both Visa and FOMO Pay seek to convince participants at this year’s SFF of the superiority of mobile payments over traditional modes of payment (e.g. credit/debit cards and cash). Not only is QR code based mobile payment quicker than these traditional modes of payments, it is more secure and easily verifiable thus preventing cases of fraud.
If you are interested to find out more about FOMO Pay’s solutions, please visit us at our booth or catch us demonstrating our payment solutions at Visa’s booth. Alternatively, you can contact us here.
About FOMO Pay
FOMO Pay is an authorized partner of WeChat Pay, Alipay, UnionPay, Baidu Wallet & BestPay 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, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. 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
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