Visa Ready QR Programme Launches with FOMO Pay and Razorpay as First Asia Pacific Partners

14 November 2017,
Singapore –
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.