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General Questions

1What solutions does FOMO Pay provide?
FOMO Pay is a one-stop payment solution provider. We provide:
Merchants Solutions - Online Payment, Offline Payment, In-APP Payment
Remittance Solutions - Business Payment, Mass Payout, Home Remittance, Virtual Bank Account
Digital Payment Token Solutions
2Is FOMO Pay licensed by the Monetary Authority of Singapore?
FOMO Pay is licensed as one of the first batch of Major Payment Institutions (License No. PS20200145) under the Payment Services Act by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. Click here to read more.
3Who are FOMO Pay's partners?
FOMO Pay is partnering with the international and Singapore local financial institutions.
 
International financial institutions:PayPal,Mastercard, Diners Club/Discover
Singapore local financial institutions: NETS, GrabPay, ShopeePay, SingTel Dash, Ez-link, ATOME
4Which are the brands/merchants that are using FOMO Pay’s service?
FOMO Pay is trusted by over 10,000 merchants. Click here to find out more.
5What are the payment methods that FOMO Pay offer?
FOMO Pay provides a comprehensive payment suite for our clients, including credit card, mobile wallets, Buy Now pay Later, digital payment token and more.
6What are the differences between FOMO services and the other payment providers?
FOMO Pay is your trustworthy payment partner, licensed by the Monetary Authority of Singapore (License No. PS20200145). We provide one-stop payment solution to your business. By simply connecting to FOMO Pay alone, you would be equipped with all payment methods that your customers favour.
7Can both company and individual use FOMO Pay to collect payment?
FOMO Pay can only provide services for corporate clients, based on the regulations issued by the Monetary Authority of Singapore.
8How is the onboarding process?
FOMO Pay has a standard and convenient merchant onboarding process. To satisfy the compliance requirements by the Monetary Authority of Singapore, merchants need to fill up all necessary information and submit documents at our platform.
9How can I contact FOMO Pay for assistance?
Please click here to contact us.
 

Finance Related

1What is the settlement term?
It varies based on different transaction volumes. Please provide your transaction information to our sales representative who can better assist you with it.
2How is the payment process flow?
Offline Payment Flow
1. FOMO Pay Terminal
Cashiers key the payment amount in the terminal and generate the dynamic QR of the requested payment scheme. Next, the customers can scan the dynamic QR and authorise the payment on their mobile payment APPs(eg. GrabPay, WeChat Pay, Paylah). Once the payment is successful, a physical receipt will be generated as a notification for cashiers.
2. SGQR
The customers scan the SGQR, and key in the payment amount and authorise the payment. Once the payment is successful, the cashier will receive the notification on the "SGQR APP" powered by FOMO Pay.
Online Payment Flow
After customers click "check out" on the e-commerce website, they'll be directed either to their own payment page or FOMO Pay payment page to choose preferred payment methods checkout. Once the payment is completed, a payment successful notification will appear.
3What are the transaction rates? (both offline & online)
Please contact our sales representatives for the rate card.
4What are the settlement currencies by client/merchants?
SGD & USD
5How does FOMO handle delays of transactions to merchants?
The status of delayed transitions will be notified.
6How does refund work for the online & offline transaction?
1. Merchants who use API provided by FOMO Pay (both online and offline payment solutions) are able to request refund through API to proceed.
2. Merchants can trigger for refund at merchant backend portal where you can manage all transactions easily.
7How long is the duration for the refund to be done? (online & offline)
The refund processing time of credit cards depends on the refund policy of the card-issuing bank.
E-wallets refund processing time is immediate.
8What is the exchange rate being charged?
It is real-time exchanged rate provided by different payment schemes.
9Is exchange rate the same for all China payment methods provided by Fomo pay? or they follow different exchange rate? How I know the exact rate?
WeChat Pay, Alipay, and China UnionPay provide their own official real-time privilege exchange rate to their users. Most of the time, the exchange rates vary among different payment schemes.
 
For WeChat Pay, Alipay or China UnionPay users, they are able to know the real-time exchange rate which has been implemented in that transaction.
10The merchant discount rate is fixed or negotiable?
FOMO will provide the standard MDR to the merchants. Unless the transactions volume is increasing, FOMO will modify the MDR according to the transaction volume tiers.
 

IT Related

1Do you charge any rental or subscription fee for the M-POS solution?
We do not charge rental or subscription fee. The deposit fee is $300 per terminal. (fully refundable)
2Do I need the M-POS for in-store payment collection or are there any other options?
We offer several other options such as POS integration (recommended for chain brands), FOMO Pay Merchant App"SGQR" (available on Play Store & Apple Store) & stand-alone FOMO Pay terminal
3How long does it take for online integration to be completed?
FOMO Pay has the web integration API ready, so this is highly dependant on your IT team and capabilities.
4Upon signing up, how fast can I start the offline solution?

Depending on the solution you use, there is a period of 3 business days to 3 months (POS Integration) before the offline solution can be ready.

After we collected all the documents and approved by our compliance team. The account could be activated within 14 working days.

5Are we able to customise the in-store payments for different outlets/brands under the same company?
Yes, we're able to do it.