Fave’s partnership with DBS PayLah! and Singtel Dash is enabling millions of Singaporeans who are currently using the respective e-wallet to pay and enjoy cashback at over 12,000 restaurants and retailers that display SGQR enabled with FavePay.
With local merchants forming the backbone of Singapore's economy, this partnership provides a seamless and safe way to increase revenue for merchants to expand their customer base in a post-COVID-19 phase in Singapore. All existing merchants using FavePay QR payments will be extending their cashback to DBS PayLah! and Singtel Dash users.
All merchants onboarded with FavePay will enjoy the benefit of being able to accept millions of DBS PayLah! and Singtel Dash users, at the same time enjoy an increase returning customers rate. The consolidation and acceptance of payments will allow Fave's merchants to access seamless reporting, payment reconciliation, customer insights, and demographic data.
Ng Aik-Phong, regional managing director for Fave Singapore & Malaysia said, "We are enabling merchants to extend their loyalty and cashback beyond the Fave's ecosystems to more Singaporeans via different mobile wallets while concurrently offering more payment choices to all Singaporeans, regardless of what payment apps they use."
Gilbert Chuah, head of mobile financial services at Singtel's International Group, noted that the company is glad to provide a "safe and more convenient option" with contactless payments, as customers' lifestyles become more digital with the onset of the Covid-19 pandemic.
Singaporeans can now link their DBS PayLah! and Singtel Dash accounts to their Fave account to enjoy additional cashback which brings more returning customers to merchants. Since 2019, through the FavePay loyalty program, Fave merchants have issued over $20 million in cashback for their customers.
Digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years and will comprise 22.5% of all sales by 2021, according to a study by JP Morgan.
As a merchant-centered platform, FavePay is part of a suite of services offered by Fave to support merchants in all areas of running a business, including payment acceptance, customer loyalty, customer acquisition, and operations digitization.
In the long term, Fave plans to bring more digital payment partners onboard to enable their customers to receive FavePay cashback rewards from their favorite merchants, while enabling more merchants to set up their loyalty programs by accepting digital payments from various banks and e-wallets.
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