You might not be aware of FavePay (I certainly wasn’t; thanks Shannen), but it launched back in July to support Singapore’s drive towards a cashless society. FavePay is a mobile payment platform run by Fave, the website formerly known as Groupon. I’m not a fan of the pink, but I digress.
FavePay seems straightforward enough to use. Each FavePay merchant has a QR code. You scan it, enter the amount to pay and hit the pay button. The transaction is billed to your credit card registered with FavePay. You also earn cashback of at least 10% at each merchant (I’ve seen 20% and 30% available as well), but the catch is that this cashback can only be used at the same merchant in the future.
That’s kind of clever if you think about it, like a loyalty stamp card along the lines of a Perx, only slightly more equitable because it awards you a fixed percentage of your spend in rebates, instead of requiring you to hit a particular discrete amount before you get a stamp.
The merchant list is pretty impressive for a service that only launched a few months back. The initial press release talked about 150 merchants, but I’m sure it’s grown since then. I spotted some popular chains like Auntie Anne’s, Pontian and Each A Cup, as well as many other restaurants. You can see the full list when you download the Fave app.
You can use the promo code FIRSTFP to get $5 off your first FavePay payment (that’s a generic code, I don’t earn anything from it), so there’s free money to be had if nothing else
Can you earn 10X?
I’m sure you know what I’m getting at here. If FavePay payments earn 10X (otherwise known as 4 miles per dollar, for those new here), it’s then another way of turning offline, non-bonus category spending into online, 10X-able spending. Moreover, quite a few FavePay merchants don’t normally take credit cards, so even if 10X isn’t guaranteed, it’s a way of earning at least some miles from a transaction that would otherwise have been cash only.
The website for the UOB Preferred Platinum Visa lists Fave as a merchant which earns 10X, but what I don’t know yet is whether FavePay transactions code the same way as regular Fave purchases of groupons. My initial hypothesis is that FavePay would also earn 10X on the DBS Woman’s World Card and Citibank Rewards, but in-field testing is required (feel free to report your experiences).
I think FavePay would be of particular value to those who don’t have a dedicated dining card. Even if you do have one, FavePay could be a way of saving your 10X cap under the new UOB Preferred Platinum AMEX scheme.
If anyone’s tried FavePay yet, please chime in regarding 10X opportunities.