FOMO Pay, a Singaporean payment institution, is supporting the adoption of Purpose Bound Money (PBM) in Singapore’s Pitstop industry pilot, a collaborative initiative led by Grab, StraitsX, and UOB, in line with the Monetary Authority of Singapore’s Project Orchid.
28 September 2023 – FOMO Pay, a leading payment institution based in Singapore, is making significant strides in advancing the acceptance of Purpose Bound Money (PBM) within the framework of Singapore’s Pitstop industry pilot. This collaborative initiative, spearheaded by prominent industry players including Grab, StraitsX (a subsidiary of Fazz), and UOB, closely aligns with the objectives set forth by the Monetary Authority of Singapore’s Project Orchid.
PBM is a digital monetary concept that allows for specific conditions, such as validity periods and merchant preferences, to be defined during digital money transfers. This innovative approach ensures that when consumers make payments using PBM, funds are instantly transferred to the merchant once the predefined conditions are met, eliminating the need for separate reconciliation processes.
FOMO Pay is contributing to the adoption of PBM by enabling merchants to receive PBM in the form of consumer vouchers through its digital payment solution. This initiative aligns seamlessly with the overarching goal of offering enhanced flexibility to both businesses and consumers through interoperable payment systems.
Building on its involvement in the PBM trial at the 2022 Singapore FinTech Festival, FOMO Pay is proud to serve as the merchant acquirer supporting the Pitstop industry pilot with its merchant acquiring services. In the Pitstop pilot program, FOMO Pay empowers its key merchants, including Mount Faber Leisure and Jumbo, as well as participating merchants like ANDAZ, LAC, Eu Yan Sang, KOI, and City Tours, to accept PBM in the form of Non-Fungible Token (NFT) vouchers. This initiative is aimed at providing a seamless digital payment experience to both Singaporean residents and international visitors from September 7, 2023, to December 31, 2023.
FOMO Pay’s involvement in pioneering programmable money and programmable payment solutions reaffirms its prominent position within the FinTech sector. Dedicated to driving innovation in digital payments through the application of financial technologies, FOMO Pay is excited to showcase real-world applications of the Digital Singapore Dollar in collaboration with esteemed industry partners.