Singaporean

How Fave Is Pushing S'pore To Be A Cashless Nation With Digital Payments And Cashback

With a deal-hungry and cashback-centric Singapore, it is high time our local apps and platforms find ways to bring more cash savings to users.

Fave is Southeast Asia’s fastest-growing fintech platform that provides QR payments and loyalty cashback to merchants.

Previously known as deals website Groupon, The Fave Group has acquired the Indonesian, Malaysian and Singaporean operations of Groupon, and established Fave Singapore in 2017.

Since 2019, Fave has issued over S$20 million in instant cashback to over 1 million Singaporeans through the FavePay loyalty cashback programme.

In an interview with Vulcan Post, Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia shared with us how it’s helping merchants stay afloat during the post-circuit breaker period.

Increasing Customer Retention For Merchants

“FavePay was introduced to the Singapore market almost exactly three years ago to provide cashless mobile payments and a loyalty system for our merchants in the form of cashback,” explained Aik-Phong.

FavePay
Image Credit: Fave

Essentially, it gives customers an incentive to revisit the store and use their cashback, therefore driving more repeat visits and patronage.

Merchants who issue cashback to their customers via FavePay have reported upwards of 20 per cent increase in customer retention and loyalty.  This extra 10, 20 or 30 per cent can mean the difference between survival or thrive.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Up To 20% Instant Cashback For Users

Last month, Fave struck a partnership with Singtel and DBS Bank to offer payment options.

We have three seemingly competing payment platforms – FavePay, DBS PayLah! and Singtel Dash coming together to provide more value to each platform’s customers.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

DBS PayLah! and Singtel Dash users will be able to transact digitally by scanning SGQR codes at Fave-partnered merchants to receive instant cashback of up to 20 per cent.

They can also get to enjoy unique rewards, loyalty points and cashback powered by Fave.

DBS PayLah!, Singtel Dash and FavePay
Image Credit: Fave

Through this new partnership, DBS PayLah! and Singtel Dash users will be able to scan at more than 12,000 F&B and retail outlets across Singapore such as Tim Ho Wan, Food Republic, Essensuals Hairdressing by Toni & Guy and Ippudo Ramen.

How does it work? Here’s a straight-forward explanation:

  • Day 1: You can use FavePay at Merchant A to pay and earn Cashback from Merchant A
  • Day 2: You can go back to Merchant A and use DBS PayLah! to pay and redeem your previously earned cashback
  • Day 3: You can return to Merchant A and pay using Singtel Dash, then redeeming your previously earned cashback from Day 2.

With the tie-up, users will essentially be collecting twice the rewards across multiple platforms, and it makes payment a lot easier, which means merchants can look forward to more and repeated transactions.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Prolonging Retail’s Survival

Newly onboarded merchants will enjoy the benefit of being able to accept millions of DBS PayLah! and Singtel Dash user payments under the FaveBiz platform.

The consolidation and acceptance of payments will allow Fave’s merchant partners to access seamless reporting, payment reconciliation, customer insights and demographic data.

313@Somerset Shopping mall
Image Credit: Retail in Asia

Among the merchants expected to benefit from this new initiative are local businesses with physical stores that accept QR payments such as retail,  F&B outlets, beauty salons, wellness spas and other forms of service providers.

This goes a long way to ensure retail’s survival during Covid-19 with e-payments. 

Digital Payments: A Cleaner, Safer Way To Pay

According to research from ​Mastercard’s Impact Studies​, there has been a notable decrease in cash usage since the start of the Covid-19 outbreak.

The Asia Pacific region is leading the massive growth in digital payments with the majority of consumers believing it is the cleaner, safer way to pay.

91 per cent of those surveyed reported that they are now using tap-and-go payments.

Digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years, comprising 22.5 per cent of all sales by 2021, according to the latest research by JP Morgan.

In this period of the pandemic, it is essential to accept cashless payments as well as consumers shun cash for safer and hygienic contactless modes of payments.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Featured Image Credit: KrAsia

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