Singapore's FOMO Pay Introduces New Crypto Payment Solution for Retailers

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Singapore-based major payment institution FOMO Pay has introduced a new cryptocurrency payment solution for retailers in the island city-state.

The new payment method will allow retailers in Singapore to accept digital payment tokens (DPT) — the first to be developed by a DPT licensee in Singapore.

According to Singapore Legal Advice, “a digital payment token is any cryptographically-secured digital representation of value that is used or intended to be used as a medium of exchange, i.e. cryptocurrency. Examples of digital payment tokens are Bitcoin, Ether, Litecoin and Monero.”

In compliance with regulations, FOMO Pay has successfully started implementing its new solution with luxury retailers — including EuroSports Auto, 2ToneVintage, and Luxehouze, amongst others.

According to a survey conducted in Singapore by comparison site The Finder, the city-state’s crypto ownership is at 15.8% (January 2022) — a rate slightly higher than the global average of 15.5%. 

While a survey conducted by the FIS on a sample size of 800 consumers in Singapore found that 33% would be interested in using crypto as a form of payment in the future.

“The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments. FOMO Pay aims to gear our merchants with crypto acceptance, allowing them to support more payment methods. This brings us one step closer towards our mission to build Asia’s first licensed gateway that connects businesses with fiat and crypto,” Louis Liu, Founder and Chief Executive Officer at FOMO Pay said.

The new crypto payment option will allow retailers to accept a range of different cryptocurrencies, such as Bitcoin, Ethereum, USDT and USDC.

Following the adoption of the