Asia Pacific FinTech payment companies FOMO Pay and Razorpay have secured approval to roll out Visa-certified QR solutions under the Visa Ready Partner Program.
The Visa Ready Partner Program aims to provide structure and clarity for mobile device manufacturers, technology partners, mobile network operators, and others to gain access to Visa IP, licenses and best practices in order to 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 programmer, enabling them to roll-out QR code solutions approved by VISA.
Under the Visa Ready Partner Program, technology companies can use 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 aims to accelerate the adoption of QR code use cases in the market.
“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 Program to further deploy QR payment solutions in this region and enable more people to go cashless.”
“Being part of the Visa Ready QR program, 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.