Singapore’s Fomo Pay Partners Ripple to Add Crypto-Power to Cross-Border Payments

Fomo Pay will now use Ripple’s On-Demand Liquidity (ODL) feature to enable quick and cost-efficient payments.

By Radhika Parashar | Updated: 27 July 2022 13:23 IST

Singapore’s Fomo Pay Partners Ripple to Add Crypto-Power to Cross-Border Payments

Photo Credit: Pixabay/ WorldSpectrum

By leveraging Ripple’s ODL Fomo Pay will get 24/7, all year-round access to liquidity for EUR, USD

Highlights

Fomo Pay is looking to expand services to include more fiat currencies
The Ripple team is seeing Asia as a lucrative market
Ripple has also partnered German crypto firm Lunu for similar services

Fomo Pay, the online payment major from Singapore, is looking to add a crypto twist to refine its cross-border payments. Founded in 2015, Fomo Pay will now use Ripple's On-Demand Liquidity (ODL) feature to enable quick and cost-efficient oversees payments. The US dollar and the euro are the two fiat currencies that have been chosen by Fomo Pay for Ripple-backed cross-border instant transactions. By leveraging ODL for treasury payments, Fomo Pay will get 24/7, all year-round access to liquidity for EUR and USD, thereby enabling same-day settlement globally.

In its seven years of having been in business, Fomo Pay has created a pool of 10,000 customers, some of which include Changi Airport, Singapore Airlines, as well as the Marina Bay Sands.

The platform is now looking to introduce more cost-effective payment modes in different currencies with wider global utility.

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“With the Asia Pacific region teeming with opportunities to solve existing silos and inefficiencies with payments, we're seeing many forward-looking financial institutions clamouring for the next evolution of payment infrastructures – and notably based on crypto and blockchain technologies,” Brooks Entwistle, the senior vice president and managing director at Ripple said in a blog post.

Back in June, Ripple teamed-up with Berlin-based cryptocurrency payment provider – Lunu – in order to allow luxury retailers to accept cryptocurrencies as a payment method.

Energy-efficient in nature, Ripple has been named among potential alternatives of Bitcoin.

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As per a recent report by Finder, about 15.5 percent of crypto investors in 27 nations held Ripple's native XRP coins. Japan, Indonesia, Singapore, Philippines, India, and Malaysia emerged as the top six nations respectively, in-terms of Ripple adoption.

Ripple has also been named as a deserving facilitator of cross-border payments in other reports as well.

In October last year, a Capgemini report noted that Ripple could be adopted as a leading payments protocol in the coming years, predicting that the XRP coin could grow by over 45 percent.

Ripple has, however, seen rough days in the US after the US Securities and Exchange Commission alleged that Ripple conducted an illegal securities offering through sales of XRP years ago. The blockchain was founded in 2012.

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Further reading: Cryptocurrency, Ripple, Fomo Pay, Singapore

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More