FOMO Pay & Mastercard bring FOMO SoftPOS for contactless card acceptance

By Gloria Mathias

FOMO Pay has announced a collaboration with Mastercard to launch its Tap on Phone payment solution, FOMO SoftPOS.

This solution allows merchants to accept contactless card payments directly on their smartphones with the FOMO Pay app from the Google Play Store. It provides customers with more payment options while giving merchants greater flexibility and mobility, as multiple smartphones can be activated for use as needed.

Singapore is one of the early countries in Asia-Pacific where Mastercard will introduce Cloud Commerce, empowering local payment providers like FOMO Pay to build cloud-based products.

Mastercard’s Cloud Commerce is a cloud-based payment solution that lets merchants process transactions on mobile devices without needing physical POS terminals. By leveraging cloud technology, it reduces hardware dependency, streamlines setup, and offers flexible, scalable payment options. This empowers businesses to accept payments anywhere with internet access, meeting the demands of today’s digital-first consumers. With Mastercard, FOMO Pay is able to bring Tap on Phone solutions to merchants and offer the technology to banks and financial institutions that want to roll out their own branded SoftPOS.

While over 90% of Singaporeans use contactless payments, small and medium-sized enterprises (SMEs) are slower to adopt them. Only 50% of SMEs accept mobile wallets, and 36% accept contactless cards, mainly due to a reluctance to maintain payment hardware.

Tap on Phone solutions can cut these costs by over 90%, making card payments more accessible for SMEs. This innovation will bring millions of new acceptance points for card payments in Asia.

Louis Liu, Founder and CEO of FOMO Pay, said, “Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction. Our FOMO SoftPOS empowers more businesses to accept payments using their own mobile devices, driving financial inclusion and supporting the growth of SMEs.”

Deborah Heng, Country Manager, Singapore, Mastercard, said, “Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower the cost of acceptance and simplify onboarding, making the payment process smoother and more efficient. Mastercard Cloud Commerce will advance payment solutions and help small businesses unlock the benefits of digital payments while offering their customers a simple and secure payment experience.”