FOMO Pay & Visa expand digital payments acceptance for Singaporean SMEs

By Gloria Mathias

FOMO Pay, a Singapore-based major payment institution, has announced a partnership with Visa. Through this collaboration, FOMO Pay will integrate Visa’s QR into the SGQR network, enabling cardholders to scan the QR code and pay with their Visa cards.

FOMO Pay will enable SGQR merchants to accept Visa QR payments, enabling the use of Visa credit and debit cards for scanning and paying in Singapore.

According to a recent Visa Consumer Payment Attitudes Study, QR code payments are emerging as the second most commonly used payment method in the Southeast Asia region. Nearly three in five Southeast Asian consumers now use QR code payments.

Louis Liu, Founder and CEO of FOMO Pay, said, “Becoming the first Visa QR acquirer and processor is a testament to FOMO Pay’s leadership in digital payments and our commitment to fostering a cashless society. As digital payment trends evolve, both merchants and consumers need to have access to seamless payment solutions. This collaboration with Visa enables us to empower more small and medium-sized businesses, expanding their reach to millions of global Visa cardholders and reinforcing our mission to drive success in Singapore’s dynamic digital economy and beyond.”

“This partnership is an important step in expanding Visa QR acceptance beyond our merchants’ network and empowering more choices to consumers,” said Adeline Kim, Visa Country Manager for Singapore & Brunei. “By working with partners such as FOMO Pay, who have successfully introduced digital payment acceptance to many small and medium businesses, we are able to increase our merchant acceptance footprint.”

To support SMEs in adopting digital payments, FOMO Pay has introduced a fully digital onboarding process on its official website. This process enables quick and seamless integration of a full suite of digital payment methods, including the upcoming Visa QR.

The partnership between FOMO Pay and Visa marks a significant advancement in the digital payments landscape, enhancing financial inclusion for SMEs across Singapore.