How Fave Is Pushing S’pore To Be A Cashless Nation With Digital Payments And Cashback

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With a deal-hungry and cashback-centric Singapore, it’s excessive time our native apps and platforms discover methods to deliver more money financial savings to customers.

Fave is Southeast Asia’s fastest-growing fintech platform that gives QR funds and loyalty cashback to retailers.

Beforehand often known as offers web site Groupon, The Fave Group has acquired the Indonesian, Malaysian and Singaporean operations of Groupon, and established Fave Singapore in 2017.

Since 2019, Fave has issued over S$20 million in on the spot cashback to over 1 million Singaporeans by way of the FavePay loyalty cashback programme.

In an interview with Vulcan Submit, Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia shared with us the way it’s serving to retailers keep afloat throughout the post-circuit breaker interval.

Rising Buyer Retention For Retailers

“FavePay was launched to the Singapore market virtually precisely three years in the past to offer cashless cellular funds and a loyalty system for our retailers within the type of cashback,” defined Aik-Phong.

Picture Credit score: Fave

Basically, it offers prospects an incentive to revisit the shop and use their cashback, due to this fact driving extra repeat visits and patronage.

Retailers who difficulty cashback to their prospects through FavePay have reported upwards of 20 per cent improve in buyer retention and loyalty.  This additional 10, 20 or 30 per cent can imply the distinction between survival or thrive.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Up To 20% On the spot Cashback For Customers

Final month, Fave struck a partnership with Singtel and DBS Financial institution to supply fee choices.

We now have three seemingly competing fee platforms – FavePay, DBS PayLah! and Singtel Sprint coming collectively to offer extra worth to every platform’s prospects.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

DBS PayLah! and Singtel Sprint customers will be capable of transact digitally by scanning SGQR codes at Fave-partnered retailers to obtain on the spot cashback of as much as 20 per cent.

They’ll additionally get to get pleasure from distinctive rewards, loyalty factors and cashback powered by Fave.

DBS PayLah!, Singtel Dash and FavePay
Picture Credit score: Fave

Via this new partnership, DBS PayLah! and Singtel Sprint customers will be capable of scan at greater than 12,000 F&B and shops throughout Singapore comparable to Tim Ho Wan, Meals Republic, Essensuals Hairdressing by Toni & Man and Ippudo Ramen.

How does it work? Right here’s a straight-forward clarification:

  • Day 1: You should use FavePay at Service provider A to pay and earn Cashback from Service provider A
  • Day 2: You possibly can return to Service provider A and use DBS PayLah! to pay and redeem your beforehand earned cashback
  • Day 3: You possibly can return to Service provider A and pay utilizing Singtel Sprint, then redeeming your beforehand earned cashback from Day 2.

With the tie-up, customers will basically be amassing twice the rewards throughout a number of platforms, and it makes fee loads simpler, which suggests retailers can sit up for extra and repeated transactions.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Prolonging Retail’s Survival

Newly onboarded retailers will get pleasure from the good thing about with the ability to settle for thousands and thousands of DBS PayLah! and Singtel Sprint consumer funds below the FaveBiz platform.

The consolidation and acceptance of funds will enable Fave’s service provider companions to entry seamless reporting, fee reconciliation, buyer insights and demographic knowledge.

313@Somerset Shopping mall
Picture Credit score: Retail in Asia

Among the many retailers anticipated to profit from this new initiative are native companies with bodily shops that settle for QR funds comparable to retail,  F&B shops, magnificence salons, wellness spas and different types of service suppliers.

This goes a good distance to make sure retail’s survival throughout Covid-19 with e-payments. 

Digital Funds: A Cleaner, Safer Approach To Pay

In line with analysis from ​Mastercard’s Affect Research​, there was a notable lower in money utilization because the begin of the Covid-19 outbreak.

The Asia Pacific area is main the huge progress in digital funds with the vast majority of shoppers believing it’s the cleaner, safer solution to pay.

91 per cent of these surveyed reported that they’re now utilizing tap-and-go funds.

Digital funds and e-wallet adoption are projected to extend quickly in Singapore over the following two years, comprising 22.5 per cent of all gross sales by 2021, in response to the newest analysis by JP Morgan.

On this interval of the pandemic, it’s important to simply accept cashless funds in addition to shoppers shun money for safer and hygienic contactless modes of funds.

– Ng Aik-Phong, Managing Director of Fave Singapore and Malaysia

Featured Picture Credit score: KrAsia

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