Mastercard and FOMO Pay Introduce Mastercard QR within SGQR, allowing cardholders to scan and pay using their Mastercard cards
Singapore – November 17, 2023 – Mastercard Singapore and FOMO Pay introduce Mastercard QR within SGQR, allowing cardholders to scan and pay using their Mastercard cards. SGQR is the unified national QR for Singapore based on EMVCo* Merchant-Presented QR standards. Mastercard has a designated placeholder within EMVCo QR, ensuring uniformity and standardization across national QRs aligned with EMVCo standards, enhancing interoperability. FOMO Pay will enable SGQR merchants to accept Mastercard QR payments, enabling the use of Mastercard credit and debit cards for scan-and-pay at SGQR codes.
While traditional payment methods limit consumers to using bank or wallet accounts for transactions at SGQR-accepting merchants in Singapore, Mastercard QR streamlines payment processes for merchants, eliminating the need for traditional point-of-sale (POS) terminals and reducing operational costs, helping micro-small and medium enterprises expand their reach and serve more domestic and international Mastercard cardholders. In addition to benefiting merchants, this initiative enhances the consumer experience by expanding the choice of payment options, as it combines the ease of QR payments with the security of card payments, complete with the option of chargeback rights.
With robust security measures in place leveraging Mastercard’s core payment network, only certified mobile applications enrolled in the program can initiate payments, providing an extra layer of security for both banks and cardholders. Mastercard QR’s global accessibility enables international Mastercard cardholders, including inbound tourists with enabled mobile apps, to utilize this payment method across different regions.
Louis Liu, Founder and CEO of FOMO Pay, said, “Given the rise of QR payments and the transition into a digital economy, both consumers and businesses are seeking a streamlined, frictionless payment experience. As an industry-leading digital payment solution provider, FOMO Pay takes pride in being at the forefront of the Mastercard QR initiative as the first Mastercard QR acquirer and processor in Singapore, offering a fast, convenient, and secure payment solution for various industries. This opens new doors for businesses to enhance in-store and cross-border experiences and aligns with our commitment to empowering businesses and consumers, especially small and medium-sized businesses and unbanked consumers, in navigating the dynamic digital payment landscape.”
“Mastercard QR aims to make a meaningful contribution to Singapore’s payments ecosystem,” said Deborah Heng, Country Manager, Singapore, Mastercard, “It aligns with Mastercard’s role in advancing Singapore’s digitalization and empowering small and medium-sized enterprises with innovative and cost-efficient solutions that can help them grow their customer base. Furthermore, Mastercard QR underscores a commitment to trust and cybersecurity standards, promoting cashless transactions, and facilitating Singapore’s strategic endeavors to enhance inbound tourism by establishing more seamless cross-border linkages for inbound payments.”
Mastercard QR capitalizes on the surging popularity of QR code payments, offering substantial cross-border opportunities for financial institutions and digital fintechs, aligning with Juniper Research’s projection of a six-fold increase in QR code payments across Southeast Asia from 2023 to 2028*.
Mastercard QR, designed to enrich the consumer experience and reduce operational costs for merchants, will be a timely addition to the evolving financial landscape. With consumers’ increasing needs for omnichannel payments, merchants offering Mastercard QR are better aligned to meet consumers’ expectations, which might give them an edge over other merchants. Insights from the Mastercard New Payments Index Survey 2021 indicate that 74% of consumers are more inclined to patronize small businesses offering diverse payment choices.
Commencing in November 2023, Mastercard QR payment service will be available to FOMO Pay’s network of merchants, broadening payment options and fostering returning customers.
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) regulated under the Payment Services Act in Singapore, licensed by the Monetary Authority of Singapore (MAS) to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. The firm has become a leading one-stop digital payment and digital banking solution provider and is currently building Asia’s first licensed gateway helping institutions and businesses to connect between fiat and digital currency. The firm offers its three flagship products:
- FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutions
- FOMO iBank – Facilitate businesses’ everyday requirements for transactional banking needs
- FOMO Crypto – Asia’s first licensed gateway bridging fiat and digital currency
Visit www.fomopay.com for more information.
About Mastercard (NYSE: MA), www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
FOMO Pay Communications Contact
Mastercard Communications Contact Michael Lickley Michael.Lickley@mastercard.com Agency Communications Contact Natasha Meah NMeah@webershandwick.com
*EMVCo. EMV QR code specification for payment systems. https://www.emvco.com/emv-technologies/qr-codes/
*QR Code Payments Forecast to Grow over 590% in Leading Southeast Asian Market by 2028. https://www.juniperresearch.com/pressreleases/qr-code-payments-forecast-to-grow-over-590
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