Worldpay from FIS Opens New Markets for Global Brands as it Expands its Merchant Business to South Korea
July 27 2022 - 4:12AM
Business Wire
Key facts
- Worldpay from FIS now delivers advanced payment technology
solutions to global merchants looking to expand into South
Korea.
- South Korea represents a significant growth opportunity for
merchants with an eCommerce market that is expected to double in
size by 20251.
Financial technology leader FIS® (NYSE: FIS) is continuing to
broaden its global merchant services footprint, announcing today
that its Worldpay from FIS merchant solutions are now available in
the rapidly growing market of South Korea.
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Worldpay from FIS has partnered with Seoul-based TossPayments, a
Korean merchant services platform which allows merchants to accept
payments online and manage their business finances on a single
platform, to offer access to domestic credit/debit card and APM
acquiring services in South Korea.
Through this partnership, Worldpay from FIS will deliver
world-class payment services to global merchants looking to expand
into South Korea. The expansion into South Korea is part of the
company’s strategic plan to enhance its merchant acquiring presence
in additional markets and expand its global capability. This comes
on the back of its expansion into South Africa, Nigeria and
Malaysia in 2021. Through the Worldpay product portfolio, the
company processes over $2 trillion in transactions annually across
more than 100 countries in numerous payment types and
currencies.
The recently published 2022 Global Payments Report shows the
eCommerce market in South Korea is expected to be one of the
fastest growing in the region. It is set to double in size from
US$121 Billion in 2021 to US$243 Billion by 2025, increasing the
need for merchants to be able to operate in the country. At the
same time, South Korea is seeing a surge in digital wallet usage,
which is projected to reach one-third of eCommerce spend by
2025.
Merchants entering South Korea will be able to take advantage of
Worldpay’s advanced acquiring capabilities, including
authorization, clearing and settlement, dispute management and data
insights. Merchants will also benefit from a seamless payments
experience through a single point of integration - helping to
expand customer base, increase acceptance and improve customer
experience.
“Korea has proven to be an increasingly attractive testing bed
for latest trends in eCommerce due to it being an early adopter of
innovation,” said Gabriel de Montessus, Head of international
Merchant Solutions, FIS. “Markets across Asia including South Korea
present fresh opportunities for global businesses, but to succeed
locally, merchants need local understanding of consumer behavior to
ensure success. Our new domestic acquiring capability in the
country will ensure seamless integration into South Korea for
global merchants and deepens our commitment to fuel smarter
commerce across the world.”
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
1 Worldpay from FIS – Global Payments Report -
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version on businesswire.com: https://www.businesswire.com/news/home/20220726005119/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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