Mastercard has introduced its Cloud Commerce technology in Singapore, allowing merchants to accept contactless card payments directly through smartphones via the FOMO Pay app. This innovative solution aims to enhance payment flexibility for businesses and improve customer experience.
The cloud-based payment system enables local providers like FOMO Pay to process transactions without physical point-of-sale (POS) terminals, significantly reducing reliance on costly hardware. This development caters to the growing demand for digital payment methods, especially among small and medium-sized enterprises (SMEs), which have been slow to adopt mobile payment options.
FOMO Pay's Tap on Phone solution lowers the cost of payment acceptance by over 90%, making it ideal for diverse business types, including food trucks and pop-up shops. The app supports various payment methods, including QR payments and mobile wallets, promoting operational efficiency.
Mastercard officials emphasize that this smartphone-based solution simplifies payment acceptance for small businesses, facilitating a seamless and secure payment experience. The collaboration aims to support the growth of SMEs in a digital economy, highlighting the importance of scalable, cloud-based payment options.