DBS digital exchange
Asia Australasia Cryptocurrency Paytech

FOMO Pay Ramps up Acceptance of Crypto Payments in Singapore With New Solution

Retailers in Singapore will now be able to accept digital payment tokens (DPT) through a new cryptocurrency payment solution introduced by Singapore-based FOMO Pay; the first to be developed by a DPT licensee in Singapore.

Singapore’s crypto ownership rate currently sits at 15.8 per cent, 0.3 per cent above the global average. A FIS survey found that a third of this figure would be interested in using crypto to make their payments in the future.

With such consumer interest in using crypto for day-to-day payments, crypto is expected to receive continued attention from regulators in Singapore, particularly on how infrastructure can protect large amounts of capital.

FOMO Pay founder and CEO Louis Liu
Louis Liu

“The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments,” explains FOMO Pay founder and CEO Louis Liu.

“FOMO Pay aims to gear our merchants with crypto acceptance, allowing them to support more payment methods. This brings us one step closer towards our mission to build Asia’s first licensed gateway that connects businesses with fiat and crypto.”

A comprehensive range of crypto payment options will enable retailers to accept many different cryptocurrencies, including Bitcoin, Ethereum, USDT and USDC.

In addition to being Singapore’s first DPT licensee, FOMO Pay is also a member of the DBS digital exchange ecosystem. Through partnerships and leveraging technologies from partners imToken and predictive blockchain monitoring platform Merkle Science, FOMO Pay has establised an environment for retailers to utilise the solution.

Merchants who adopt the crypto payment solution will see a reduction in cost due to lower transaction fees compared to those from conventional fiat currency payment methods.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

Related posts

NatWest Embraces Low-Code Approach for Payments Modernisation

The Fintech Times

ColCap Partnership Puts Molo Back on Its Feet

Tyler Pathe

Flutterwave Establishes Two New Payment Corridors Between Europe and Africa via Stellar

Tyler Pathe