Singapore seeks to accelerate its growth as a cashless society, online-to-offline (O2O) mobile platform, Fave is supporting restaurants and offline retailers to offer convenient mobile payments that aim to help them grow their business by rewarding customers.
Singapore must do more to avoid falling behind other cities in e-payments as signalled by Prime Minister Lee Hsien Loong during his recent National Day speech where he pointed out that 60% of transactions in Singapore still involve cash or cheques, despite the cities well-developed financial system and tech-savvy population.
Fave is the fastest growing O2O company in Southeast Asia. Started in July 2016, Fave’s verticals include Food & Beverages, Beauty & Wellness, Lifestyle & Acitivities and more.
Fave’s newly launched mobile payments platform has more than two million subscribers in Singapore, it is now accepted at over 150 outlets including Chocolate Origin, Four Seasons Durians, Rong Hua Bak Kut Teh, Wrap & Roll, Charcoal Thai and more.
To use FavePay, consumers simply need to open their existing Fave app and scan the QR code at the participating restaurant or offline retailer before entering the total bill amount and confirming. Customers who use FavePay earn cashback of up to 30%, which they can redeem on their next visit.This has accelerated customer adoption at a rate of 50% week on week, since introduction in mid-July.
For merchants, FavePay is hassle free as Fave will provide them with a proprietary dashboard called FaveBiz that will allow them to get real time reporting, monitor performance as well as receive direct customer feedback.
Fave merchants have the option to also accept Alipay, one of the world’s largest online and mobile payment platforms. Fave teamed up with Ant Financial, the financial affiliate of Alibaba Group, earlier this month to offer Chinese tourists visiting Singapore a seamless cross-border payment experience with Alipay.
Andersen’s of Denmark, a luxury ice cream parlour with six locations across Singapore, initially adopted FavePay as a way to improve customer service and enhance its customer rewards programme. However, the FavePay-linked business tools are proving to be just as valuable.
“Deploying FavePay to help restaurants and retailers succeed is one of the pillars of Fave’s business model. Together with Alipay, we provide fast and easy cashless mobile payments that support retailers in reaching out to new and return customers and delivering seamless service that tech-savvy Singaporeans are looking for,” said Ng Aik Phong, Managing Director of Fave Singapore. “Enabling retailers to benefit from low cost mobile payments is important to our smart city future and we are encouraged by PM Lee’s recent call towards a cashless society. FavePay is uniquely positioned to help both merchants and customers benefit from fast, cashless transactions.”
Source: Retail News Asia