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Industry News

January 1, 2018
visa-wishes-enable-singapores-transformation-cashless-society

VISA wishes to enable Singapore’s transformation into a cashless society

VISA wishes to enable Singapore’s transformation into a cashless society The brand VISA requires no introduction. For the past few decades, it has dominated the global payments industry along with Mastercard. As the saying goes however, change is the only constant. Fintech companies like WeChat Pay and Alipay have demonstrated that card options are obsolete in the face of the smartphone revolution. As any successful company that has withstood the test of time, Visa has also shown its willingness to keep up with external changes by adapting its products for its customers. Earlier this year, Visa announced mVisa, a QR […]
December 27, 2017
how-is-nets-qr-different-from-sg-qr

How is NETS QR different from SG QR?

How is NETS QR different from SG QR? 1) Who initiated NETS QR and SG QR? NETS QR was launched by Singapore’s leading payment services provider, NETS. On the other hand, the Singapore Quick Response Code (SG QR) is developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority. The taskforce also involves other government agencies such as the Housing Development Board (HDB), National Environment Agency (NEA), and Spring Singapore, payment providers such as Alipay Singapore E-Commerce, Tencent Holdings Limited (WeChat), NETS, and EZ-link, industry partners such as Singtel, Union Pay International, […]
December 25, 2017
how-is-netspay-different-from-other-mobile-wallets-in-the-market

How is NETSPay different from other mobile wallets in the market?

How is NETSPay different from other mobile wallets in the market? Singapore is on her way to becoming a cashless society. Highlighted as one of the key themes of Prime Minister Lee Hsien Loong’s speech in this year’s National Day Rally Speech, government agencies, major banks and payment service providers in Singapore are shaping up to offer cashless options for consumers and merchants here. In the recent years, mobile payments have taken Singapore by storm. With a high mobile phone penetration rate and literacy rate, it is not surprising that Singaporeans are quick to pick up mobile payment options. Popular […]
December 21, 2017
enets-2-0-available-online-businesses-singapore

eNETS 2.0 Available for Online Businesses in Singapore

eNETS 2.0 Available for Online Businesses in Singapore NETS 2.0 aims to digitize the consumer payment experience in Singapore. Announced in 2015, NETS has taken several initiatives to work towards that goal. NETSPay In October, Singapore’s leading payment services provider NETS launched its new digital wallet, NETSPay, allowing users to pay for goods and services using the app instead of their NETS card. Payment through NETSPay is simple – users simply need to scan the NETS QR code using the app, or scan their phones on NETS terminals. The payment will be debit directly from a linked bank account, and […]
December 8, 2017
5-reasons-small-businesses-go-cashless

5 Reasons why Small Businesses should go Cashless

5 Reasons why Small Businesses should go Cashless At FOMO Pay, we often receive queries from businesses on why they should adopt mobile payments and join the cashless society. As a mobile payments company, we have the necessary experience and expertise on the ins and outs of the industry. Even then, we together with other payment companies sometimes find it difficult to persuade some businesses, especially SMEs, to adopt mobile payments. The reasons for this are varied. For some, it is the technological hurdle that business owners have to overcome. For others, they believe that mobile payments currently do not […]
November 22, 2017
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Payments Council endorses Singapore Quick Response Code Specifications for electronic payments

Payments Council endorses Singapore Quick Response Code Specifications for electronic payments Singapore, 20 November 2017… The Payments Council has endorsed the specification for a common Singapore Quick Response Code (SG QR) that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority. What is SG QR? The first of its kind globally, the SG QR includes protocols customised for Singapore, building on the QR specifications of EMVCo, a consortium of international payment schemes. […]