11/12/2024

FOMO Pay and Mastercard Collaborate on Tap-on-Phone Payments

PYMNTS

Singapore’s FOMO Pay has teamed with Mastercard to debut a tap-on-phone payment solution.

FOMO SoftPOS, announced Friday (Nov. 8), lets merchants accept contactless card payments directly on their smartphones with the FOMO Pay app from the Google Play Store.

The companies noted in a news release that Singapore is the first Asia-Pacific region company where Mastercard will launch Cloud Commerce, a cloud-based payments solution that lets merchants process payments on a mobile device without a point-of-sale (POS) terminal.

“Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower cost of acceptance and simplify onboarding, making the payment process smoother and more efficient,” said Deborah Heng, Mastercard’s country manager for Singapore.

“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,” Heng added.

According to the release, merchants can download the FOMO SoftPOS app and accept a wide variety of payment methods, such as QR payments, mobile wallets and credit cards, useful for merchants running things like pop-up stores, food trucks, taxis and pay-on-delivery services.