FinTech FIS announced in a Wednesday (July 27) press release that its Worldpay service is now available in the fast-growing South Korean market.
Worldpay has teamed up with TossPayments, a Korean merchant services platform, to offer access to domestic credit and debit card and alternative payment method (APM) acquiring services in South Korea, according to the release.
“Through this partnership, Worldpay from FIS will deliver world-class payment services to global merchants looking to expand into South Korea,” the release stated. “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.”
FIS noted in the release that this expansion follows its moves to South Africa, Nigeria and Malaysia last year. The company processes more than $2 trillion in transactions annually across more than 100 countries in numerous payment types and currencies.
The company pointed to recent research suggesting South Korea’s eCommerce market could be one of the fastest growing in the region, set to jump from $121 billion last year to $243 billion by 2025.
“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 FIS Head of International Merchant Solutions Gabriel de Montessus in the release. “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.”
PYMNTS examined the growth of South Korea’s eCommerce market last week in a conversation with Worldline Global Head of Digital Goods and Services Michael Bilotta.
Read more: South Korea Is an eCommerce Eden for Those Fluent in Local Payments
The country has the world’s 10th-highest gross domestic product (GDP) and roughly 93% smartphone penetration in a population of 50 million, making it fertile ground for merchants with connections in-country that can help navigate the unique aspects of selling in that corner of Asia.
But while South Korea is a prime territory for cross-border expansion, Bilotta said it’s critical that companies adhere to local preferences.