Worldpay from FIS has formed an alliance with South Korea-based TossPayments to provide credit and debit card as well as alternative payment methods (APM) acquiring services in the country.

TossPayments provides online payment services to merchants and enables traders to handle their financial transactions on a single platform.

Through the collaboration, Worldpay aims to serve global merchants who want to foray into the South Korean market.

Merchants will be able to use various acquiring capabilities of Worldpay such as authorisation, clearing and settlement, dispute management, among others.

The latest partnership aligns with Worldpay’s strategy to add new markets for its merchant acquiring business and further expand its presence across the world.

It follows the company’s entry into South Africa, Nigeria and Malaysia last year.

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By GlobalData

The company noted that it processes more than $2tn per year in approximately 100 nations in different types of payment and currencies.    

The new 2022 Global Payments Report revealed that the South Korean e-commerce industry is set to grow in size from $121bn in 2021 to $243bn by 2025.

This is expected to enhance the requirement for additional merchants in the country.

Simultaneously, there is a heightened demand for digital wallet usage in South Korea, which is expected to account for one-third of total e-commerce expenditure by 2025.

FIS international merchant solutions head Gabriel de Montessus said: “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 behaviour 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.”

In April this year, FIS announced a partnership with Fireblocks to advance the use of crypto in the capital markets industry.

The tie-up intends to provide companies with access to crypto trading venues, liquidity providers, among others.