Fave has inked a deal that will offer Google Pay users 20% cashback when they spend at any of the Singapore-based mobile payment platform's partner network. Consumers also will earn cash and vouchers when they pay via FavePay's QR code.
The agreement would enable Google Pay users to scan the FavePay SGQR at any of 15,000 food and beverage outlets and retailers across Singapore to earn up to 20% cashback. These merchants include Food Republic, BreadTalk, Puma, and Subway.
Fave's Singapore and Malaysia regional managing director Ng Aik-Phong said the partnership with Google Pay would make digital transactions rewarding while offering customers more options to use their payment app of choice.
On average, customers return to spend another SG$9 on the same merchant from which SG$1 was paid out in cashback, according to Fave.
Currently available in 40 markets, Google Pay is available on both Android and Apple iOS devices, and users can link their bank accounts directly with the app. For now, this is available only to bank customers of OCBC, DBS Bank, and Standard Chartered. Google Pay users can also choose to add their credit or debit cards to the app.
The new partners are now offering Google Pay users up to SG$3 cashback for their first FavePay transactions when they scan SGQR to pay a merchant.
Fave in June launched a buy now, pay later (BNPL) service in Singapore and Malaysia, where it has more than 6 million users. The FavePay Later "interest-free credit" option would allow eligible users to split payments into three equal instalments, which would be automatically deducted every month. No additional fees would be charged if payments were made on time and users would earn up to 10% cashback with each purchase.
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