Fave, the popular deals and promo service provider, has introduced FavePay so you can make purchases via its app at selected outlets without the need to have cash or credit card in hand.
“Today, most of us have mobile phones with us throughout the day. However, businesses especially food and beverages outlets have yet to find a way to connect to consumers effectively on mobile,” said Fave founder Joel Neoh.
To access the feature, users have to first set up their payment method, be it a credit card or online banking. Once completed, users can utilise FavePay at partnering F&B outlets in the Klang Valley.
To purchase a meal or drink, simply launch the app, tap on FavePay on the bottom of the screen, and then scan the unique QR code at the payment counter to complete the transaction.
Users will also get rewarded for shopping via the app with up to 30% cashback along with other promotions.
The cashback system is designed to encourage customers to shop more and return for further purchases in the future, according to Fave Malaysia general manager Winnie Chen-Head.
“We foresee mobile payment as the next growth area moving forward with different payment methods such Samsung Pay, Alipay and Apple Pay available today,” says Chen-Head.
“We are here as the aggregator for all these payment methods instead of competing with them in any way. We see ourselves serving the local merchants with the convenience of discovery, purchase, payment and rewards at the same time.”
A payment aggregator allows merchants to accept credit card and bank transfer payments without the need to setup a merchant account with a bank or credit card association. The company is also looking to add mobile wallets as one of the payment options to choose from for FavePay by year end.
FavePay can be used at over 500 participating merchants in the Klang Valley and about 200 locations in Singapore. According to Neoh, the company plans to further expand its service nationwide in Q4 and overseas next year.
Fave grabbed the headlines late last year when it acquired Groupon’s operations in Malaysia, Indonesia and subsequently Singapore in March.
According to Fave, it currently serves over six million customers in the three countries with over 300,000 transactions monthly.