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General Questions

1What are the payment modes that FOMO Pay offer?
WeChat Pay, Alipay, Baidu Wallet, BestPay, etc.
2How can I know if FOMO Pay is reliable?
FOMO Pay is officially authorized by WeChat as a payment service provider and we are regulated by payment act.
3Which are the brands/merchants that are using FOMO’s service?
You may refer to the website (https://www.fomopay.com/clients-and-partners/), many clients in Singapore are working with us, for instance, JUMBO, SPH, StarHub, CHANEL, TANGS, etc.
4What is the relationship between FOMO and WeChat? / What’s the difference between working with FOMO versus directly with WeChat?
FOMO Pay is the official authorized partner of WeChat.
5Does FOMO carries MAS License? (to comply to the payment act?) which payment act is that? (Internal Reference)
There is no payment license in Singapore, but FOMO is regulated by payment act
6How does FOMO handle delays of transactions to merchants?
This typically happens only for major Chinese holidays such as Golden Week
7What are the differences between FOMO services and the other payment providers?
We are a fintech company dedicated to bringing one stop mobile payment solutions to our merchants. We are the only startup sitting on the board of MAS SGQR taskforce set up to develop the common QR code for payments as a move to bring Singapore closer towards a cashless society.
8What is the usage stats of WeChat Pay in Singapore?
There are 1.2 mil monthly WeChat active user in Singapore which includes tourists and locals. Since the launching of WeChat Pay, there is significant growth in WeChat Pay user. For more statistics, you call email us to know more.
9Can Singaporeans use WeChat Pay? If not, when?
It is not available at the moment due to regulation and compliance. However, WeChat is planning.
10Do you have other payments other than Chinese payment?
Online: Visa, Mastercard Offline: Upcoming NETSPay, mVisa
11How is WeChat able to promote the local merchants to the China market?
By accepting WeChat, the merchants can show that they are Chinese friendly During the holiday season, there will be WeChat Promotion Campaigns and FOMO can help to feature the merchants. Might be featured by Singapore media.
12What is the penetration rate of Chinese tourists using mobile payments?
More than 90%
13Can both company and individual use FOMO Pay to collect payment?
Due to MAS regulation, FOMO Pay can only provide services for corporate clients.
 

Finance Related

1What is the settlement term?
For different transaction volume, it will be different, and you can provide your transation information so that our sales representative can better assist you.
2What are the extra charges? (Eg. Set up fee, maintenance fee, etc)
For you, we can specially waive the set up and 1st year maintenance fee so that there is no cost to try.
3What/How is the payment process flow?
Customer pay to WeChat > WeChat Pay to FOMO Pay > FOMO Pay settle to merchant’s corporate account.
4What are the transaction rates? (both offline & online)
Depends on annual transaction volume.
5What are the settlement currencies by client/merchants?
SGD & USD
6How does refund works for the online & offline transaction?
For both online and offline, refund can be done on the backend via the merchant account (up to 30 days) In the case of in-store payments, refund can also be done on the spot using merchant app (up to 7 days)
7How long is the duration for the refund to be done? (online & offline)
Refund is done immediately, customer will receive notification about refund in real-time
8What is the exchange rate being charged?
Set by WeChat’s partner bank, China Construction Bank It is a live rate and fluctuates real-time
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?
No, the exchange rate will depend on the partnering bank of the payment provider (e.g. WeChat Pay or Baidu Wallet). We do not have the exact rate but merchants may refer to the real-time fx rate
10The merchant discount rate is fixed or negotiable?
MDR largely depends on the annual transaction volume
11I don’t have WeChat account, can I still use your solution to collect payment from Chinese consumers?
As a FOMO Pay merchant, you do not need to have a WeChat account. We will set up a FOMO Pay merchant account to facilitate payment collection.
 

Marketing Related

1What is the usage stats of WeChat Pay in Singapore?
There are 1.2 mil monthly WeChat active user in Singapore which includes tourists and locals. Since the launching of WeChat Pay, there is significant growth in WeChat Pay user. For more statistics, you call email us to know more
2Can Singaporeans use WeChat Pay? If not, when?
It is not available at the moment due to regulation and compliance. However, WeChat is currently talking to the local banks.
3Do you have other payments other than Chinese payment?
Online: Visa, Mastercard Offline: Upcoming NETSPay, mVisa
4How is WeChat able to promote the local merchants to the China market?
By accepting WeChat, the merchants can show that they are Chinese friendly During the holiday season, there will be WeChat Promotion Campaigns and FOMO can help to feature the merchants. Might be featured by Singapore media
5What is the penetration rate of Chinese tourists using mobile payments?
More than 90%
6Can both company and individual use FOMO Pay to collect payment?
Due to MAS regulation, only for corporate clients
 

IT Related

1Do you charge any rental or subscription fee for the M-POS solution?
We do not charge rental or subscription fee, just a deposit of $200 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 (available on Play Store & Apple Store) & FOLAH (scan & pay option)
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. It can range from 1 week to 3 months for integration to be completed.
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
5Are we able to customise the in-store payments for different outlets/brands under the same company?
Yes we can
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