Southeast Asian food and beverage app, Fave (previously known as Groupon), has launched a mobile payment platform, FavePay.
Since FavePay can be used as a medium to offer various perks, discounts and rewards to dedicated customers, the move aims to help restaurants and offline retailers in Singapore improve their customer service and increase customer loyalty.
To use FavePay, customers need to open the Fave app on their mobile devices, scan the QR code at the participating restaurant or offline retailer, enter the total bill amount and tap 'Pay Now'. Upon doing so, customers will earn cashback of up to 30 percent, which they can redeem on their next visit.
On the other hand, merchants can use the FaveBiz dashboard to get real-time reporting, monitor performance and receive direct customer feedback.
FavePay is currently accepted as a payment option across 150 outlets in Singapore, including Chocolate Origin, Four Seasons Durians, Rong Hua Bak Kut Teh, Wrap & Roll, Andersen's of Denmark and Charcoal Thai.
Wong Khai Rhou, business manager, Andersen's of Denmark, commented: "FavePay was easy to set up and the transaction process has been fast and problem free from day one. From an operational point of view, we appreciate real-time transaction reports and detailed statement of account reports, which provide insights that we can use to refine our loyalty programmes and other marketing efforts."
Ng Aik Phong, managing director, Fave Singapore, said: "Enabling retailers to benefit from low cost mobile payments is important to our smart city future and we are encouraged by Prime Minister Lee Hsien Loong's recent call towards a cashless society. FavePay is uniquely positioned to help both merchants and customers to benefit from fast, cashless transactions."
Sign up for CIO Asia eNewsletters.