Fintech FIS expands payment processing options across Africa
Financial technology leader FIS continues its global expansion, scaling up its payment processing capabilities into high-growth markets across Africa and Southeast Asia, including South Africa, Nigeria and Malaysia.
FIS, which via its Worldpay product portfolio processes billions of transactions annually across 146 countries and more than 300 payment types in 126 currencies, is on a mission to deliver its world-class payment services to local companies with global ambitions across more global markets.
According to Jim Johnson, head of Merchant Solutions at FIS, “emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses” with such markets “home to a new generation of ambitious high-growth regional brands looking to expand their footprint”.
The goal of FIS, adds Johnson, is to be a “true partner” to these enterprises, passporting them to success wherever in world they want to be.
Rapid commerce industry growth across Africa
Nigeria’s online commerce via mobile devices market is projected to more than double, while South Africa’s commerce industry is predicted to worth US$9 billion by 2024, according to FIS’s recently published 2021 Global Payments Report by Worldpay.
In both South Africa and Nigeria, FIS will offer payment processing services via its recently announced agreement with Flutterwave, a payments tech firm. The integration enables Worldplay’s ecommerce merchant customers to use streamlined application programming interfaces to enter new African geographies quickly and easily. This supports a wide range of payment methods across Africa, including local Visa and Mastercard credit and debit card payments, as well as alternative methods such as M-Pesa, Verve, MTN Mobile Money, Airtel Mobile Money and South Africa EFT payments.
And now merchants doing business in Nigeria and South Africa will be able to take advantage of Worldpay’s advanced acquiring capabilities which includes authorisation, clearing and settlement, dispute management and data insights. Further benefits include a seamless payments experience via a single point of integration, making the process painless and increasing acceptance, improving customer experience, and most importantly, reducing fraud, which is a particular issue across both countries.
In addition, regional payments consultants in Nigeria and South Africa will provide merchants with in-country expertise, helping them tailor their payments offerings to local audience.
FIS continues to expand globally
In addition to Africa, FIS has recently opened up to Malaysia, whose ecommerce market is set to increase 71% by 2024, driven by mobile shopping, and has secured a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform, as well as adding consultants. FIS has also recently added new consultants in Germany, Iberia, the Nordics, and other European locations.
In India, FIS has extended the reach of its financial services to epwoer more than 400,000 underbanked citizens in India.
FIS – by numbers
$9 trillion moved annually around the globe
73 billion transactions processed around the globe
300 payment types