SINGAPORE – Media OutReach – September 27, 2023 – FOMO Pay, a leading Singapore-based payments institution, is fueling the country’s acceptance of Purpose Bound Money (PBM) as a merchant acquirer of the Singapore Pitstop industry pilot. The industrial pilot project led by Grab, StraitsX (part of Fazz) and UOB builds on the Monetary Authority of Singapore’s Project Orchid initiative*. Digital vouchers available at Singapore Pitstop are an example of PBM, which allows conditions such as validity period and merchant type to be specified when making digital currency transfers. When a consumer pays for their purchase through PBM, funds are transferred to the merchant immediately once the terms of use are met, without the need for a separate reconciliation process.
FOMO Pay increases acceptance of PBM by offering merchants the ability to receive PBM in the form of consumer vouchers through its digital payment solution. This fits perfectly with the aim of offering greater flexibility to businesses and consumers through interoperable payment systems.
Following its contribution to the PBM trial at the Singapore FinTech Festival 2022, FOMO Pay is proud of its role as a merchant acquirer supporting the industry pilot with merchant acquiring services. As part of Singapore’s 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 Singapore residents and international visitors from September 7, 2023 to December 31, 2023.
FOMO Pay demonstrates its pioneering role in the field of programmable money and programmable payments, strengthening its leading position in the FinTech sector. Dedicated to advancing digital payment innovation through the use of fintech, FOMO Pay is proud to showcase real-world applications of the digital Singapore Dollar in collaboration with leading industry partners.
*Project Orchid is an ongoing initiative led by MAS to develop the skills and digital infrastructure needed to issue a digital Singapore dollar nationally. Please refer to this
link for more information.
Hashtag: #FOMOPay #MAS #PBM #DigitalSGD #DigitalPayment #ProgrammablePayment #FinTech #ProjectOrchid
The issuer is solely responsible for the content of this announcement.
