FIS is expanding its payment processing capabilities into three fast-growing markets: Malaysia, Nigeria and South Africa.
The financial products provider announced on Wednesday (April 21) that it had secured a domestic acquiring license in Malaysia to provide its Worldpay processing platform. And in Nigeria and South Africa, FIS is providing domestic payment processing through its agreement with the payments technology firm Flutterwave.
Worldpay, which FIS acquired in 2019, processes billions of transactions each year across 146 nations, working with more than 300 payment types in 126 currencies.
FIS said in the news release that its growth strategy involves enhancing “its merchant-acquiring presence in additional markets, enabling the company to offer its world-class payment services to local companies with global ambitions as well as rapidly growing enterprises looking to expand in these regions.”
Jim Johnson, head of merchant solutions for FIS, said this move comes at a time of COVID-fueled economic growth and digital adoption. “Emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses,” he said in the news release. “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 the world they want to be.”
FIS pointed to a recent report by Worldpay projecting that mobile shopping will drive a 71 percent increase in eCommerce in Malaysia by 2024. During that same period, mobile-centric online commerce in Nigeria is expected to more than double, while South Africa’s eCommerce market could reach the $9 billion mark, one-third of that number fueled by mobile shoppers.
For a more in-depth look at how COVID-19 has shaped the eCommerce world, check out PYMNTS’ Deep Dive feature from February.