Fave, Southeast Asian fintech platform providing QR payments and loyalty cashback to restaurant and retailers, has announced a strategic partnership and investment from Pine Labs, Asia’s digital payments and merchant commerce platform.
The partnership will see Fave’s QR code become interoperable and integrated with Pine Lab’s terminals, enabling a single and seamless platform for digital payments and loyalty solutions in Southeast Asia.
Furthermore, Fave’s merchant payment acceptance and loyalty cashback solutions will expand into both debit and credit cards platforms via Pine Labs payment terminals.
For merchants working with Pine Labs in Southeast Asia, they will gain access to Fave’s loyalty solutions and reward their customers with cashback. In addition to that, they will get consolidation of payments and access to transparent reporting, payment reconciliation, customer insights and demographic data via access to Fave’s digital dashboard, Favebiz.
Fave’s collaboration Pine Labs is an extension of its ongoing focus on working with major banks, fintech firms and e-wallets in Singapore and Malaysia via SGQR, Paynet, and DuitNow QR to bring about customer loyalty solutions to the broader payments ecosystem. The collaboration is also crucial in furthering each company’s market positioning and value proposition in Southeast Asia.
Also Read: O2O platform Fave raises US$20M in Series B round
Fave Co-Founder and CEO Joel Neoh, said, “With digitalisation playing an increasingly critical role in the recovery of Southeast Asia’s economy, merchants recognise that they need to accelerate the development of digital solutions to ensure they remain competitive. We will work with Pine Labs to further strengthen Fave’s mission of helping merchants adapt to and digitalise in the new normal.”
Southeast Asia’s post-pandemic recovery has started with promising signs that it is underway with specific sectors such as automotive sales and F&B reporting business recovery and pent-up demand from customers.
According to research by Mastercard’s Impact Studies, there has been a notable decrease in cash usage since the start of the pandemic. The Asia Pacific region is leading the surge in digital payments with the majority of consumers believing it is the cleaner, safer way to pay. Ninety-one per cent of those surveyed reported that they are now using tap-and-go payments.
The commercial partnership between Fave and Pine Labs seeks to support this recovery.
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Image Credit: Fave
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