Financial technology leader, FIS is continuing to broaden its global merchant services footprint with its Worldpay from FIS merchant solutions now available in 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.

The 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. 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 authorisation, 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 bedfor latest trends in eCommerce due to it being an early adopter of innovation,” FIS head of international merchant solutions, Gabriel de Montessus said.

“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.”