Fave projected to contribute over USD$100 million more revenue and customers for restaurants and offline businesses across Southeast Asia in 2018.
Since its introduction in September last year, FavePay is now available in over ten cities and three 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 launching.
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 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 onboard 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 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 Starbucks Malaysia, Red Box Karaoke Group, XIXILI, llaollao, Auntie Anne’s, Circle K and many others.
“Aside from the evident cost savings to our business operations with FavePay, we were able to easily and effectively onboard the platform, and bring online exposure to all our brick and mortar stores nationwide,” said Tara Tan, Chief Marketing Officer of XIXILI, a FavePay business partner.
“By joining FavePay, we now have a stronger reach and marketing tool to further excite XIXILI customers with a twist on the traditional shopping experience. All our customers today are benefitting from an engaging mobile loyalty program when they continuously purchase with us using FavePay; receiving further savings through cashback and special promotional codes,” said Tan.
With the 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 benefit from this cashless future.
To experience Fave, download the Fave app from the App Store or Google Play Store.