Fave partners with Google Pay to expand partner network
Fave, a Southeast Asian fintech platform, has teamed up with Google Pay as the former looks to widen its network of partners, which already includes DBS PayLah and Singtel Dash.
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Photo credit: Fave
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Under the deal, Google Pay users can scan any FavePay SGQR (Singapore quick response code), and earn up to 20% in cashback across 15,000 retailers as well as food and beverage outlets including Subway, Food Republic, Food Junction, BreadTalk, and Puma, among others.
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Google Pay is currently available in 40 countries, including India, Singapore, Australia, New Zealand, Hong Kong, and Japan.
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The partnership will help Fave’s merchant network connect with Google Pay users through the SGQR feature and integrate them into the FaveBiz platform. Under the partnership, merchants can reward repeat customers and gain new users connected to Google Pay.
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“Partnering with Google Pay is one more step for us in making every digital transaction rewarding, allowing customers to use their choice of payment app and to stack up rewards,” said Ng Aik-Phong, regional managing director of Fave in Singapore and Malaysia.
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According to Fave’s consumer data, for every S$1 (US$0.74) issued by a seller as cashback, customers spend about US$6.66 at the same merchant’s business, increasing the customer retention rate and average order value. The company said it has helped customers save over US$400 million so far through its loyalty program and other offerings.
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See also: Fave’s investors are getting all their money back, says CEO
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Fave is also set to onboard more digital payment partners and ecommerce platforms to provide integrated value-added services to merchants and customers.
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In April, Fave was acquired by Pine Labs, an India-based merchant platform, in a cash and stock deal worth over US$45 million. Following its 2018 series B round, Fave was valued at US$73.8 million.
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Currency converted from Singapore dollar to US dollar: US$1 = S$1.35