Financial technology firm FIS (NYSE: FIS) is continuing to broaden its global merchant services footprint, announcing that its Worldpay from FIS merchant solutions are available in the fast0growing South Korean markets.
Worldpay from FIS has teamed up with Seoul’s TossPayments, which is a South Korea based merchant services platform that enables merchants to take online payments and take care of their business finances via a single platform, to provide access to local credit/debit card and APM acquiring services in the country.
Via this collaboration, Worldpay from FIS will aim to provide “world-class” payment services to merchants focused on further expanding operations into South Korean markets.
The expansion into South Korea is reportedly a part of the firm’s growth plan to streamline its merchant acquiring services in key markets and further expand its international capability.
This announcement comes on the back of its ongoing expansion into other world regions and countries like Malaysia in 2021.
Via the Worldpay product portfolio, the firm handles more than $2 trillion in transactions yearl across 100+ nations with different payment types and currencies.
The recently released 2022 Global Payments Report reveals the digital commerce market in South Korea is set to become one of the fastest-growing in the area.
It is on track to double in size from around $121 billion in 2021 to about $243 billion by 2025, increasing the requirement for merchants to be able to operate in the nation.
Currently, South Korea is also experiencing a rise in digital wallet usage, which is set to reach one-third of digital commerce spend by 2025.
Merchants entering South Korea should be able to benefit from Worldpay’s acquiring capabilities, such as authorization, clearing and settlement, dispute management and data insights.
Merchants can take advantage of an intuitive payments experience via a single point of integration – helping to further expand client base, boost acceptance and enhance user experience.
Gabriel de Montessus, Head of International Merchant Solutions, FIS, said:
“Korea has proven to be an increasingly attractive testing bed for latest trends in eCommerce due to it being an early adopter of innovation. 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.”