Worldpay from FIS Opens New Markets for Global Brands as it Expands its Merchant Business to South Korea
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.
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.”