Fintech developer FIS is expanding its payment processing operations into the expanding markets of Malaysia, South Africa and Nigeria, via its Worldpay product.
The firm has secured a domestic acquiring license in Malaysia to launch the Worldpay processing platform in the Southeast Asian country, whilst in Nigeria and South Africa FIS is building on its previous agreement with Flutterwave.
“The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world,” said Jim Johnson, Head of Merchant Solutions at FIS.
“Emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses. These new markets are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint.”
Worldpay recently published its 2021 Global Payments Processing Report, projecting that the ecommerce market in Malaysia will increase by 71 per cent by 2024, driven by mobile shopping.
Additionally, online commerce in Nigeria is also expected to double in Nigeria, whilst the South African ecommerce space is expected to be evaluated at around $9 billion by 2024, with mobile payments again accounting for around a third of this spend.
“Our goal at FIS is to be a true partner to these enterprises, passporting them to success wherever in the world they want to be,” Johnson added.
Merchants in these countries will be able to access Worldpay’s acquiring capabilities such as authorisation, clearing and settlement, dispute management and data insights.
Additionally, businesses will be able to utilise a ‘seamless payments experience’ via a single point of integration, assisting with acceptance, reducing fraud and improving customer experiences.
The expansion builds on FIS’s development of a growing network of regional payments consultants, including inGermany, Iberia, the Nordic countries and other European markets.
FIS currently processes billions of transactions via WorldPay, operating in over 146 countries – such as the Latin American, Australian and Japanese sectors – in 126 different currencies.
“We understand that payments are personal, and merchants need local understanding of consumer behavior to ensure success,” Johnson continued.
“That’s why we continue to invest in deepening our global capabilities to support the growth of our merchants and fuel smarter commerce across the world.”
