Nine months since launch, FavePay grows exponentially; processes one million customer transactions and is accepted at over 5,000 locations
Fave projected to contribute over USD$100 million more in revenue and customers for restaurants and offline businesses across Southeast Asia in 2018
SINGAPORE, April 26, 2018 /PRNewswire/ -- Since its introduction in September last year, FavePay is now available in over ten cities and 3 countries across Southeast Asia. With the accelerated growth of mobile payments in the region, FavePay has seen 200% transaction growth QoQ in Q1 2018 with over USD$10 million transacted on the platform since launch.
More than two million customers are now using Fave each month to discover and transact at restaurants and a range of lifestyle retailers. FavePay provides these customers with a fast and convenient way to pay right from their mobile phone while receiving access to special offers, discounts and cashback.
FavePay aggregates multiple payment options from popular credit and debit cards such as Visa, MasterCard and American Express and with mobile wallet providers coming on board soon, merchants can benefit despite the region's fragmented payments landscape.
"With US$32 billion in mobile payments projected in SEA 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," said Joel Neoh, Founder of Fave.
"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," said Neoh.
FavePay business partners include Subway Singapore, Tung Lok Group, Food Republic, Famous Amos, Häagen-Dazs, Starbucks Malaysia, Circle K Malaysia and many others.
"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 two million users and its robust technical architecture and speed of implementation. It is also important to add that because of FavePay's cashback, Subway now has a fast and effective way to launch our consumer reward and retention programme, at scale and quickly too." said Raphael Chan, Subway Singapore's Country Director.
Ng Aik-Phong, Managing Director of Fave Singapore added, "Despite only launching nine months ago, FavePay now does one mobile payment transaction every ten seconds in this city state alone."
With rising mobile penetration and growing comfort with mobile payments in the region, Fave wants to ensure that offline businesses will be able to gain exponential benefits from this cashless future.
Fave is the leading mobile loyalty and rewards platform in Southeast Asia, offering convenience and rewards for customers to transact across multiple everyday categories including food & beverage, beauty & wellness, services, activities, leisure and travel.
Through its platform, Fave connects millions of customers to their favourite businesses every month, with a mission to help these businesses grow more customers and more revenue through mobile payments and commerce.
To experience Fave, download the Fave app from the App Store or Google Play Store.
Wong Chee Mun
FleishmanHillard, on behalf of Fave Group
Patrick Yu / Carmen Yu
+852 2586 7877 / +852 2586 7874