Singapore-based fintech firm FOMO Pay announced today (April 13) that it has rolled out a new cryptocurrency payment solution for retailers, which is the first of its kind to be developed by a Digital Payment Token (DPT) licensee in Singapore.
Through a comprehensive range of crypto payment options, retailers will now be able to accept a range of different cryptocurrencies, including but not limited to Bitcoin, Ethereum, USDT, and USDC.
This was first announced in December last year, when Louis Liu, FOMO Pay founder and CEO, said that this solution will help “mitigate risks of handling crypto for (their) clients”.
Through strategic partnerships and leveraging technologies from trusted partners such as crypto wallet imToken and predictive blockchain monitoring platform Merkle Science, FOMO Pay has created a secure environment for retailers to use the new 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.
By receiving settlements in fiat currency, they will also not be exposed to forex fluctuations that could arise from receiving payment in crypto.
High crypto ownership signals increased interest for crypto payments
A survey by comparison site The Finder revealed that the crypto ownership rate in Singapore stands at 15.8 per cent in January 2022, which is slightly above the 15.5 per cent global average.
Additionally, a separate survey by FIS found that 33 per cent of respondents would be interested to make crypto payments in the future.
“The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments. 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,” said Liu.
In a past interview with Vulcan Post, Liu shared his observations that more people are already starting to use digital tokens as a mode of payments, especially those overseas.
He wants to make sure that when travelers visit Singapore and spend, its merchant clients will be ready and able to accept their mode of payment.
So far, FOMO Pay has begun implementing the solution with luxury retailers such as EuroSports Auto, 2ToneVintage and Luxehouze, amongst others.
Featured Image Credit: FOMO Pay