Payments giant FIS announced this week that it’s expanding its domestic acquiring capabilities through its Worldpay platform into Malaysia, South Africa and Nigeria.
For its expansion into Malaysia, FIS has obtained a domestic acquiring license for its Worldpay platform. The company is working with payment facilitator Flutterwave to offer payment acceptance services within South Africa and Nigeria.
This expansion builds on an agreement that FIS announced with Flutterwave last year. Flutterwave is based in San Francisco and has operations in Lagos, Nigeria. The new relationship enabled FIS to begin offering payment processing in Africa by integrating technology from Flutterwave into its Worldpay platform.
With this solution, the company said, Worldpay ecommerce merchants could use APIs to expand geographically and support a wide variety of payment methods across 27 markets.
This expansion into new markets is part of FIS’ effort to provide merchant acquiring services to local companies looking to grow globally as well as enterprises looking to expand into the regions in which it operates.
“The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world,” Jim Johnson, Head of Merchant Solutions at FIS, said in the announcement.
“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. Our goal at FIS is to be a true partner to these enterprises, passporting them to success wherever in world they want to be.”
Ecommerce in Malaysia is projected to increase 71% by 2024, according to the company’s 2021 Global Payments Report. The report also predicted that online commerce on mobile devices in Nigeria will double during that time.
FIS also said that it is using a network of payments consultants to provide in-country expertise to merchants to help them tailor their offerings locally.
“We understand that payments are personal, and merchants need local understanding of consumer behavior to ensure success,” Johnson said.
“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.”