FOMO Pay joins DDeX in enabling merchants to accept crypto payments – Wired PR Lifestyle Story
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Singapore’s leading payment institution, FOMO Pay, has been awarded the first license by the Singapore Monetary Authority (MAS) for the Token Payment Service (DPT) today (December 14) to join the DBS Digital Exchange. (DDEx).
FOMO Pay is one of the first DPT licensees to join the digital exchange, and will partner with DDEx to enable Singapore merchants to accept customer cryptocurrency payments.
In an interview with Vulcan Post, Louis Liu, founder and CEO of FOMO Pay, said that this digital payment service for merchants will be similar to electronic wallets or credit cards and will help alleviate the risks of handling cryptocurrencies for its customers.
“For example, when merchants enter the amount, FOMO Pay will convert bitcoin, CBDC (central bank digital currency) or other digital payment tokens. Customers will be scanned and paid for through digital payment tokens, and the merchant will receive an exact amount of fiat currency and will not be subject to the risk of price fluctuations.”He explained.
Reasoning for this move, Louis added that he has seen more people start using digital tokens as a form of payment.
“Our job is to ensure that when they visit and spend Singapore, our merchant customers can accept their payment method. Singapore is an international business and technology hub, and FOMO Pay aims to help develop crypto and blockchain technology, and Web 3.0 prepare for the world.
Accelerate S’pore’s vision as a global crypto site
At this year’s Singapore Fintech Festival, MAS CEO Ravi Menon said it is the central bank Analyzing the feasibility of a “Singapore digital dollar”.
MAS is therefore embarking on Project Orchid to build the technological infrastructure and technical capabilities needed to provide it if the country so decides in the future.
As part of the DDEx ecosystem, FOMO Pay seeks to leverage the institutional-level digital custody and exchange services supported by DBS Bank to enable merchants to accept crypto payments and keep funds secure.
“FOMO Pay, a Singapore DPT graduate, is proud to join DDEx and look forward to working with DBS to bring our merchants an inclusive and new payment method as a way to pay for cryptocurrency,” Louis said.
“With the efforts to build a comprehensive and comprehensive digital payment solution, we will help our merchants to accept and accept customers’ cryptographic payments safely and securely. to be, ”he added.
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