Singapore-based major payment institution FOMO Pay fuels the country’s Purpose Bound Money (PBM) acceptance as the merchant acquirer of the Singapore Pitstop industry pilot.
The industry pilot by Grab, StraitsX (part of Fazz) and UOB builds on the Monetary Authority of Singapore’s Project Orchid initiative. The digital vouchers available in the Singapore Pitstop is an example of PBM, which allows conditions such as validity period and type of merchants to be specified when making transfers in digital money.
When a consumer pays for his purchase using PBM, funds are transferred to the merchant immediately once the terms of use are fulfilled, without the need for a separate reconciliation process.
FOMO Pay bolsters PBM acceptance by equipping merchants with the capability to receive PBM in consumer voucher format through its digital payment solution. This aligns seamlessly with the objective to offer greater flexibility to businesses and consumers through interoperable payment systems.
Further to its contribution to the PBM trial at the 2022 Singapore FinTech Festival, FOMO Pay takes pride in its role as the merchant acquirer supporting the industry pilot with merchant acquiring services.
In the Singapore Pitstop industry pilot, FOMO Pay enables its hero merchants (Mount Faber and Jumbo) and participating merchants (ANDAZ, LAC, Eu Yan Sang, KOI and City Tours) to accept PBM in the form of Non-Fungible Token (NFT) vouchers and provide seamless digital payment experiences to Singaporean locals and international visitors from 7 September 2023 to 31 December 2023.
FOMO Pay demonstrates its pioneering role in the realm of programmable money and programmable payment, further solidifying its prominent standing in the FinTech sector.
Devoted to advancing digital payment innovation through the utilisation of financial technologies, FOMO Pay is proud to showcase real-life applications of the Digital Singapore Dollar in collaboration with industry-leading partners.
