Mastercard Singapore and FOMO Pay Launch Mastercard QR in SGQR

Published 7 months ago

Mastercard Singapore has joined forces with FOMO Pay to integrate Mastercard QR within SGQR, Singapore’s unified national QR code. This initiative aligns with the EMVCo Merchant-Presented QR standards, providing Mastercard credit and debit cardholders with the ability to make payments by scanning SGQR codes.

Simplified Payment Process for Merchants

One of the primary goals of this integration is to streamline the payment process for merchants. It eliminates the need for conventional point-of-sale systems, which could prove beneficial for micro, small, and medium enterprises (MSMEs). This advancement could help MSMEs greatly widen their customer base, as it caters to both local and overseas Mastercard users.

Enhanced Payment Options for Consumers

For consumers, this new development offers an expanded array of payment choices. It combines the simplicity of QR code payments with the security features inherent in card payments, such as chargeback rights. The Mastercard New Payments Index Survey 2021 revealed that 74% of consumers prefer small businesses that offer a range of payment options.

Increased Transaction Security

Mastercard QR is built with strict security protocols in mind, which permits only certified mobile applications to initiate payments. This enhances the safety of transactions for both banks and cardholders. The global compatibility of Mastercard QR also allows international cardholders, including tourists, to use this payment method across various regions.

A Significant Development for FOMO Pay

Louis Liu, Founder and CEO of FOMO Pay, acknowledged the importance of this development. He stated that this new digital payment solution is fast, convenient, and secure, and FOMO Pay aims to support various industries in enhancing their payment systems. He added that this would especially benefit small and medium-sized businesses and unbanked consumers.

Boosting Singapore’s Payments Ecosystem

Deborah Heng, Singapore Country Manager of Mastercard, pointed out the wider implications of this initiative. She noted that the addition of Mastercard QR to Singapore’s payments ecosystem supports the digitalization of small and medium-sized enterprises with cost-efficient solutions. It also aligns with Mastercard’s commitment to promoting cashless transactions and enhancing cross-border payment facilities, supporting inbound tourism.

From November 2023 onwards, the Mastercard QR payment service will be accessible across FOMO Pay’s network of merchants, providing customers with a diverse range of payment options and encouraging repeat business.