Fomo Pay: Everything you need to know

Elle Kasser

Fomo Pay is an integrated payment solutions provider - basically a gateway allowing customers to easily make payments online, in apps and in stores. Even if you’ve never heard of Fomo Pay, you might well have paid for goods or services via the Fomo Pay Gateway when you’ve been out shopping, or bought something online.

If you’re an entrepreneur with an e-commerce business - or if you need a smart way to take customer payments in person or through your app, you might want to know more about Fomo Pay. Because Fomo Pay offers WeChat Pay payments, it’s especially interesting to businesses looking to target the Chinese market.

This guide covers all you need to get you started. We’ll also touch on smart ways to pay and get paid from overseas with lower fees, using a Wise Business multi-currency account.

Table of contents:

What is Fomo Pay and how does it work?

Fomo Pay was set up in 2015¹, and has recently been acquired by AMTD Digital² - a sure sign the company will continue growing in the region and beyond. Fomo Pay offers payment processing and collection services, allowing customers to pay using a variety of methods including cards, GrabPay and WeChat Pay, in person, online and in app.

It’s worth noting that Fomo Pay is the officially authorised partner of WeChat in Singapore. While WeChat Pay is not currently available to Singaporeans, it is one of the most popular digital wallets in China. That means that by offering WeChat Pay as a payment method, both online and in store, merchants can more easily tap into the Chinese market.

>For merchants, Fomo Pay makes life easier by offering multiple payment methods to customers through a single integration, and with a single settlement. That means you don’t need to integrate and contract with multiple payment gateways, but can use Fomo Pay to get paid from a broad range of local and international customers. Fomo Pay is regulated by the Payment Act in Singapore, and works with MAS (Monetary Authority of Singapore) to promote the development of cashless payment.

Here are Fomo Pay’s key merchant services.

Online payments from mobile wallets and cards

With Fomo Pay, customers can pay online using their credit card or wallet, with some of the providers covered including Visa, Mastercard, WeChat Pay, Alipay, Baidu Wallet and BestPay.

By offering a variety of payment options, and a variety of currencies, this makes life easier for both the customer and the merchant. As the seller you have only one point of contact at Fomo Pay, and can bring together all payment methods in a simple single settlement.

Payment in person by scanning QR code

If you sell in person, you can also get a standalone POS machine, mobile payment app or integrate Fomo Pay with your existing POS terminals to take payment that way. Payment solutions are designed to be fit for different industries and business types, so you’ll be able to find a solution to suit your needs.

There is no set up fee for the standalone POS terminal, but you will have to pay a fully refundable deposit. However, it’s useful to know that getting set up for offline payments can take anything from a few days to a few months, depending on the situation.

In app payments

Finally, Fomo Pay offers the option to take in-app payments from customers who are using a credit card or mobile wallet. This option is designed to give a streamlined experience for customers - so they are happier, stay longer and spend more in your app.


Fomo Pay fees

Fomo Pay offers different fee structures depending on the volume and type of transactions processed. To find out more, you’ll need to get in touch with the Fomo customer service team to get a quote for your specific situation.

It’s good to know that there’s no ongoing charge if you choose to use Fomo Pay for offline payments - just a SGD200 deposit to receive the terminal. The deposit is refundable when you return the payment terminal. For both on and offline payments, you’ll be able to receive payouts in SGD or USD.³


Receiving payments in multiple currencies? You could be better off with Wise Business.

One of the great things about Fomo Pay is that you can take payments from multiple currencies, and receive settlement in both SGD and USD. But any time you’re dealing with different currencies, you need to take into account the costs and charges involved with currency conversion.

One smart way to manage currency fluctuations, and access cheaper foreign exchange, is to get a Wise Business multi-currency account. You’ll be able to receive, hold and spend dozens of currencies, and get currency exchange which uses the mid-market exchange rate. That’s the one you find on Google - with no markup or hidden fees. You just pay a low, transparent charge when you want to switch currencies - which can be much cheaper than using your normal bank or other currency exchange services.

See if you can save with Wise


Which platforms can I integrate Fomo Pay with?

The Fomo Pay API is available for integration - which means you can choose to use Fomo Pay with your pre-existing website or app. The integration options and processes may vary depending on your preferences and enterprise type. You’ll be able to learn more, and get in touch with the service team at Fomo Pay, by visiting their website. You can also review the extensive list of current clients and partners, including Marina Bay Sands, Starhub and TWG Tea.⁴

Fomo Pay is a smart solution for businesses looking to offer multiple payment options for customers - while saving on their own processing and admin time. Because Fomo Pay works with multiple payment methods including credit cards and popular e-wallets, you’ll be able to get paid easily in consolidated settlements, with a smooth customer experience every time.

Don’t forget though, that there will be fees and charges for using Fomo Pay - as with any payment gateway. To learn more about the costs and opportunities for your business, head over to the Fomo Pay website. And if you’re planning on expanding your business with Fomo Pay, and will need to deal with multiple currencies, check out the free Wise Business account as a great way to cut the costs of currency exchange.


Sources:

  1. Fomo Pay - About us
  2. Tech in Asia - AMTD Digital to acquire payments platform Fomo Pay
  3. Fomo Pay - FAQ
  4. Fomo Pay - Clients and partners

Sources checked 30 October 2020


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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