FIS, a leading financial technology company, announced the availability of its Worldpay from FIS merchant solutions in South Korea. In order to provide access to domestic credit/debit card and APM acquiring services in South Korea, Worldpay from FIS has partnered with a Korean merchant services platform, TossPayments, that enables merchants to accept online payments and manage their business finances on a single platform.
Following this alliance, Worldpay from FIS will provide top-notch payment services to international retailers seeking to enter South Korea. The company’s strategy goal includes expanding into South Korea as part of its efforts to strengthen its merchant acquiring presence in more areas and increase its capacity on a worldwide scale. The business processes approximately $2 trillion in transactions yearly across more than 100 countries in a wide range of payment formats and currencies through its Worldpay product line.
The South Korean eCommerce market is predicted to develop at one of the quickest rates in the area, according to the recently released 2022 Global Payments Report. By 2025, it is expected to have grown from US$121 billion to US$243 billion, necessitating the need for more businesses to be permitted to operate there. Wallet usage is also increasing rapidly in South Korea, where it is anticipated that by 2025 it would account for one-third of all online purchases.
The extensive acquisition capabilities of Worldpay, including authorization, clearing and settlement, dispute management, and data analytics, will be available to merchants entering South Korea. Through a single point of integration, merchants will also profit from a seamless payments experience that will help them grow their client base, increase acceptance, and enhance user experience.
Gabriel de Montessus, Head of international Merchant Solutions, FIS, “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.”