Singapore-based payment institution FOMO Pay is participating in the Singapore Pitstop Pack industry pilot to enable merchants to accept Purpose Bound Money (PBM).
Under the pilot programme, FOMO Pay will provide its hero merchants (Mount Faber and Jumbo) and participating merchants (ANDAZ, LAC, Eu Yan Sang, KOI and City Tours) with the capability to accept PBM in the form of Non-Fungible Token (NFT) vouchers.
This will allow merchants to receive funds immediately once the terms of use are fulfilled, without the need for a separate reconciliation process.
The pilot tests the payment of goods and services at over 200 merchants outlets with NFT vouchers to demonstrate a commercial application of PBM, targeting over 20,000 users from 7 September 2023 to 31 December 2023.
The industry pilot by Grab, StraitsX (part of Fazz) and UOB builds on the Monetary Authority of Singapore’s ongoing Project Orchid initiative.
FOMO Pay said in a statement,
“Devoted to advancing digital payment innovation through the utilisation of financial technologies, FOMO Pay is proud to showcase real-life applications of the Digital Singapore Dollar in collaboration with industry-leading partners.”
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- Source: https://fintechnews.sg/78466/digitalassets/fomo-pay-enables-merchants-to-accept-digital-singapore-dollar-for-industry-pilot/
