Worldpay‘s parent firm FIS is expanding its payment processing capabilities into the rapidly growing markets of Malaysia, South Africa and Nigeria after it secured a domestic acquiring license in Malaysia.
In South Africa and Nigeria, Worldpay is offering domestic payment processing services through Flutterwave, a 2016 graduate of the FIS FinTech Accelerator program with over 140M transactions worth over $9B to date.
According to Jim Johnson, Head of Merchant Solutions at FIS, “The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world. 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.”
The recently published 2021 Global Payments Report by Worldpay from FIS projected that Nigeria’s online commerce via mobile devices is projected to more than double by 2024 to be valued at $31 billion. In South Africa, the eCommerce industry is projected to be worth $9 billion by 2024 with mobile accounting for a third of the spend.
Merchants doing business in these countries will be able to take advantage of Worldpay’s advanced acquiring capabilities which includes authorization, clearing and settlement, dispute management and data insights. Merchants will also benefit from a seamless payments experience through a single point of integration—helping to increase acceptance, improve customer experience, and reduce fraud.
“With the growth of digital transactions opening up new markets and opportunities for global enterprises, merchants are looking for secure payment platforms in order to do business in these markets,” Agboola added: “Our partnership with FIS supports our goal to connect global businesses to African markets, and local merchants to the world,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
Recently, Flutterwave partnered with PayPal, the global payment leader to enable PayPal customers globally to pay African merchants in the continent through Flutterwave’s platform. The partnership was expected to connect SMEs and freelancers in Africa to more than 377 million PayPal account holders globally, opening their businesses to the global marketplace and helping them overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure. Flutterwave also raised $170 million Series C round to simplify payment processing across Africa.