Just eight months since its launch, mobile payment platform FavePay is now operational in more than 10 cities in three countries across Southeast Asia.
FavePay aggregates multiple payment options from popular credit and debit cards such as Visa, MasterCard and American Express. With mobile-wallet providers coming on board soon, the platform simplifies what to retailers can seem a fragmented payments landscape.
FavePay says it processed more than US$10 million in the first three months of this year – double the value of the preceding quarter – and it now has 2 million customers using its service at retail stores and restaurants, including Food Republic.
Besides its payment-by-mobile functionality, FavePay can offer its customers discounts and cashback offers within the app.
“With US$32 billion in mobile payments projected in Southeast Asia by 2021, we are excited to help build this cashless ecosystem together with other financial technology partners and banks to achieve the vision of a cashless Southeast Asia in the coming years,” says Fave founder Joel Neoh.
“We are highly complementary to the mobile payment ecosystem by opening up immediate payment acceptance to thousands of restaurants and retail stores. We allow offline businesses to easily attract mobile customers and drive repeat visits, delivering a seamless experience that tech-savvy consumers across the board are looking for.”
FavePay business partners include Subway Singapore, Tung Lok Group, Food Republic, Famous Amos, Haagen-Dazs, Starbucks Malaysia and Circle K Malaysia.
“After looking at various cashless payment options available, we decided to partner with FavePay because of its established track record, extensive user database of over 2 million users and its robust technical architecture and speed of implementation,” says Raphael Chan, Subway Singapore’s country director. “Because of FavePay’s cashback function, Subway now has a fast and effective way to launch its consumer reward and retention program, at scale and quickly, too.”
