Miguel Cordon · · 1 min readFomo Pay becomes first DPT licensee to add crypto support
Fomo Pay, a Singapore-based fintech firm, has added support for cryptocurrency payments for retailers in the city-state.
Photo credit: Fomo Pay
Starting with luxury retailers, businesses can now accept cryptocurrencies with the new service. This makes Fomo Pay the first digital payment token service license holder to introduce crypto payment support for merchants in Singapore, the company said in a statement.
The service will have support for a range of different cryptocurrencies, including Bitcoin and Ethereum, as well as for US dollar-pegged stablecoins such as USD Coin and Tether. Fomo Pay said that merchants adopting the new feature can expect reduced costs due to lower transaction fees compared to fiat currency payments.
On the security side, the fintech firm said it has leveraged strategic partnerships and technologies from companies such as crypto wallet ImToken and blockchain monitoring platform Merkle Science.
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The development follows Fomo Pay’s integration of USDC into its services earlier this year through a partnership with Circle Internet Financial, the sole issuer of the stablecoin.
Editing by Lorenzo Kyle Subido
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