Recent Blogs

September 21, 2018
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Local Banks promote cashless payment with attractive perks

Local Banks are working with major payment provider like NETS and mobile payment providers to provide attractive perks to encourage their customers to go cashless, as part of Singapore’s Smart Nation initiative. DBS Since March, DBS Bank has been offering up to 10% monthly cashback for its customers who made more than $400 spending on transaction below $200, as well as, zero cash withdrawal within that month. This cashback incentive of up to $50 a month will be automatically credited into the customer’s account and will cost DBS an estimated cost of $10 million for this promotion, which ends on […]
September 20, 2018

Notice on Settlement Delay during Mid-Autumn Festival and China’s National Day 关于中秋节和国庆假期暂停结算的通知

Notice on Settlement Delay during Mid-Autumn Festival and China’s National Day 关于中秋节和国庆假期暂停结算的通知 Dear FOMO Pay Merchants, Please note that banks in Mainland China will suspend settlement from September 22, 2018 to September 24, 2018 due to Mid-Autumn Festival. Transactions that take place during this period will be cleared after September 25, 2018. Besides, banks in Mainland China will also suspend settlement from October 1, 2018 to October 7, 2018 due to China’s National Day. Transactions that take place during this period will be cleared after October 8, 2018. Thank you for your understanding. Best regards, FOMO Pay Pte. Ltd. 尊敬的合作伙伴和商户: […]
September 14, 2018

WeChat launched WeChat Pay MY

WeChat, Tencent’s messaging mega app which is an one-stop platform for daily services had officially launched its Malaysian Ringgit Wallet, WeChat Pay MY on 21st August 2018. It is first expansion of such in Asia outside of China and Hong Kong, which feature peer-to-peer (P2P) functionality and will allow users to pay offline merchants in local currency. Similar to its China version, WeChat Wallet offers linking bank accounts, topping up phone cards, and buying plane and train tickets but the functions are still limited in comparison. To kickstart the Malaysian Mobile payment wallet, WeChat had launched a campaign where it […]
September 7, 2018
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China’s mobile payment platforms are taking over online marketing

  Past are the days where we go to a restaurant and ask do you accept Visa or Mastercard, in fact, we will ask if certain mobile payment is available at that restaurant. This is especially true in China where 64% of all payment in restaurant are through mobile payments. Furthermore, due to the fierce competition from both WeChat Pay and Alipay for a higher market share, both mobile payment solutions have been aggressively launching promotions to attract more users.
August 31, 2018

Go-Jek’s influence in cashless scene threatens 72% of Indonesian banks

As one of the prominent hailing services, Go-Jek’s regional expansion would lead to great disruptions in each local hailing and payment scene. This goes without saying that Indonesia, as Go-Jek’s home country, would inevitably be significantly impacted first-hand. 72% of banks in Indonesia recognise the threat posed by Go-Jek as a strong competitor. According to PwC’s survey, the payment scene which was once dominated by conventional financial service providers has been pressured with the introduction of these tech giants.
August 24, 2018
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Mobile payment gives opportunity for financial inclusion in Philippines

Many Filipino households lack sufficient funds to open a deposit account and this leads to the problem of having high unbanked percentage in the Philippines. With an approximate 86% of Filipino households unbanked, the trend towards cashless payment modes allows unbanked users to be more easily integrated into banking services. This encourages greater financial inclusion where local banks gain the chance to provide banking services to more Filipinos.