FOMO Pay integrates Mastercard QR within SGQR, streamlines card payments
By Gloria Mathias
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 standardisation across national QRs aligned with EMVCo standards and enhancing interoperability.
FOMO Pay will enable SGQR merchants to accept Mastercard QR payments, authorising 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.
Louis Liu, Founder and CEO of FOMO Pay, said, “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 payment 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.”
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