Visa Ready QR Programme Launches with FOMO Pay and Razorpay as First Asia Pacific Partners
Approved partners will roll out Visa-certified QR payment solutions for merchants and acquirers
Visa today announced that two Asia Pacific FinTech partners, FOMO Pay and Razorpay are approved to roll out Visa-certified QR solutions under the Visa Ready Partner Programme. The Visa Ready Partner Programme provides structure and clarity to allow mobile device manufacturers, technology partners, mobile network operators, and others, to gain access to Visa IP, licenses and best practices and quickly introduce devices, software, and solutions that can initiate or accept Visa payments.
FOMO Pay and Razorpay are the first Asia-based partners to obtain solution approval from the Visa Ready programme, enabling them to roll-out QR code solutions with convenience, security and reliability provided by the trusted Visa brand.
Under the Visa Ready Partner Programme, technology companies can leverage Visa tools such as QR code generators, merchant QR code test cases and QR code testing utilities to refine their proposed payment solutions and ensure they meet Visa’s interoperable QR standards and specifications. Upon completion of the approval process, partners may use the Visa Ready mark with the approved solution on their websites and marking collaterals. The collaboration between Visa and partners will enable a wide array of new QR code use cases in the market, accelerating the adoption of QR code payments globally.
“There is huge growth potential for QR code payments as they are a low-cost solution for merchants worldwide. With QR technology, merchants may not need to invest in payment terminals at point-of-sale, enabling them to transact electronically while solving many pain points associated with the use of cash,” said Hamish Moline, Vice President, Strategic Partnerships, Visa Asia Pacific. “We are excited to work with FOMO Pay and Razorpay under the Visa Ready Progamme to further deploy QR payment solutions in this region and enable more people to go cashless.”
“Being part of the Visa Ready QR programme, FOMO Pay is able to fast-track our one-stop QR code payment solution into the market to help roll out e-wallet solutions and increase adoption for banks, financial institutions and corporates across the region. The certification has helped FOMO Pay greatly enhance customer confidence and brand awareness. With Visa, we can work together to promote a cashless lifestyle and enable different use cases to improve daily life for consumers,” said Louis Liu, CEO, FOMO Pay.
"We at Razorpay have always been working towards improving the payment infrastructure In India and making it easily accessible to businesses. Now with BharatQR, we would be able to bring new payment innovations to our merchant base, both online and offline.
In the context of a rapidly evolving Digital India, the solution has great synergy with Razorpay's expertise to onboard merchants instantly and support advanced features like multi-tier reporting. Brought together, this represents a quantum leap in solving cash on delivery for Indian businesses," said Harshil Mathur, Founder and CEO of Razorpay.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit, or set rates and fees for consumers. Visa's innovations; however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit www.visa.com.sg.
About FOMO Pay
FOMO Pay platform is the one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including mVisa. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payments easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.
Razorpay is India’s first converged payment solution. It provides businesses a holistic range of solutions to accept, manage and disburse their online payments.Started in 2014, Razorpay is currently powering payments for over 50,000 businesses. Widely recognized as one of the foremost innovators in the Indian payments space, the company has been backed by Y-Combinator, Tiger Global & Matrix Partners.