Singapore, 31 October 2019 – FOMO Pay, Singapore-based Quick Response (QR) payment processing platform, is partnering with a local fintech firm, D’Cube Concepts. Through its registered trademark dcubepay, Singapore-based D’Cube Concepts has adopted FOMO Pay’s solution to enable Singapore’s first SGQR-enabled vending machine. The vending machine will be upgraded with XVend, an Internet-of-Things (IoT) 4G solution, that enables e-payment and e-inventory online. Both firms will collaborate with the aim to upgrade 1,000 vending machines across Singapore, by the end of 2020. Furthermore, this solution will be rolled out progressively over the next three years and will be made available to major vending machine operators in Singapore.
Daniel Koh, Founder and Director of Technology of D'Cube Concepts (left) and Louis Liu, CEO and Founder of FOMO Pay
According to a report by research firm Euromonitor International, Singapore recorded US$67.2 million in vending machine sales in 2017 and showed a three per cent increase from the previous year, and sales are expected to exceed US$72 million by 2020. To date, the adoption of e-payments in Singapore spurred by SGQR has been encouraging, with over 32,000 SGQR codes deployed and 80 per cent of e-payment transactions via SGQR, as cited in a response by Mr Ong Ye Kung, Minister for Education, Senior Minister and Minister in charge of MAS, in Parliament in September 2019.
Commenting on this announcement, Louis Liu, CEO and Founder of FOMO Pay said, “As a founding member of the SGQR taskforce, we are glad to have forged this partnership with D’Cube Concepts – where this move to enable SGQR payments for vending machines will further drive the adoption of e-payments in Singapore. With e-payments fueling Singapore’s cashless movement, we believe that this partnership is a first step towards applying this solution to extend SGQR to other forms of cash-operated machines like unmanned massage chairs and self check-out kiosks at supermarkets.”
XVend is a 4G hardware device that can be installed into any vending machine, allowing futureproof QR-based e-payment solution and is scalable to add new e-wallets. Paired with FOMO Pay solution, the upgraded vending machine can accept more than 20 e-payment schemes consolidated under SGQR. The upgrading process will only require three minutes with no physical modification required to the interior and exterior of the vending machine.
Through this solution, vending machine operators will also have access to real-time payment transaction and inventory records online. This enables them to track their sales timely, optimise their scarce manpower for stock replenishment and improve their cash flow by eliminating manual cash collection. Currently, there are 12 pilot models in Singapore that have been upgraded to accept payments through SGQR.
"D’Cube Concepts is happy to partner with FOMO Pay to deliver Singapore’s first SGQR payment solution for the vending machine industry. We are seeing an encouraging trend of QR code payment solutions, which is a practical and convenient way to introduce e-payments for consumers and merchants. We will also continue to develop such cashless and easy-to-implement solution for other coin-operated machines such as those in laundromats or arcade centres," said Daniel Koh, Founder and Director of Technology of D'Cube Concepts.
Seated as a founding member at the SGQR taskforce co-led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA), FOMO Pay has served over 10,000 merchants since its inception in 2015.
About FOMO Pay
FOMO Pay offers digital payment processing platform, the first-of-its-kind, allowing merchants & financial institutions to accept a full suite of mobile payments in emerging markets like Southeast Asia, Africa, Middle East, Latin America. Partners of FOMO Pay include NETS Pay, VISA QR, Grab Pay, Razer Pay SingTel Dash, WeChat Pay, and more. The company is one of the founding members of Singapore Monetary Authority’s SGQR taskforce to jointly develop a common QR Code standard for Singapore. Since 2015, over 10,000 clients have trusted FOMO Pay to provide various digital payment solutions. Its team has served clients, including Changi Airport, Resorts World Sentosa and Marina Bay Sands among others.
About D’Cube Concepts
D’Cube Concepts [registered trademark “dcubepay”] is a Singapore Fintech start-up founded by Mr Daniel Koh and Dean Chee in 2018. In line with our tagline, Empowering People, Changing Lives, One Block at a time, we endeavour to operationalise a suite of new digital payment solutions to support our customers’ needs. D’Cube Concepts partnered with Yallvend Co. (Taiwan) to distribute its QR-code based hardware in Singapore.