FOMO Pay, a popular payment organisation based in Singapore, has launched a new cryptocurrency payments system for retailers in the island city-state. The new payment method, the first to be developed by a DPT licensee in Singapore, will allow retailers in Singapore to accept digital payment tokens (DPT).
“A digital payment token is any cryptographically-secured virtual representation of worth that is used or intended to be used as an exchange medium, i.e. cryptocurrency,” as per Singapore Legal Advice. Bitcoin, Ether, Litecoin, and Monero are examples of digital payment tokens.”
In accordance with regulations, FOMO Pay has begun implementing its new solution with luxury retailers such as EuroSports Auto, 2ToneVintage, and Luxehouze.
“The increased adoption of cryptocurrency has provided more options for consumers in terms of how they make payments.” FOMO Pay’s goal is to equip our merchants with cryptocurrency acceptance, allowing them to accept more payment methods.
“This brings us one step closer to our goal of creating Asia’s first licensed gateway that connects businesses with fiat and cryptocurrency,” said Louis Liu, Founder and CEO of FOMO Pay.
Retailers will be able to accept a variety of cryptocurrencies, including Bitcoin, Ethereum, USDT, and USDC, with the introduction of the new crypto payment option.
Retailers will save money after implementing the crypto payment solution because transaction fees are lower than those charged by traditional fiat currency payment methods. FOMO Pay is not only Singapore’s first DPT license, but it is also a part of the DBS Digital Exchange ecosystem.
FOMO Pay, which was founded in 2015, is licensed by the Monetary Authority of Singapore (MAS) to provide Cross-Border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service.
Alvin Tan, a board member of the Monetary Authority of Singapore (MAS) stated that “Virtual asset service providers formed in Singapore that only provide services elsewhere are unregulated for anti-money laundering and counter-terrorism financing (AML/CFT), creating reputational risks for the Republic.”
