FIS expands payment processing in Malaysia, South Africa and Nigeria
US payments acquirer FIS has expanded its payment processing capabilities in Malaysia, South Africa, and Nigeria.
In Malaysia, FIS has landed a domestic acquiring licence to operate its Worldpay payment processing platform.
The company’s 2021 Global Payments Report found Malaysia’s ecommerce market will climb 71% by 2024.
Whilst in South Africa and Nigeria, FIS will offer payments processing through its partnership with Flutterwave, the Nigerian fintech which landed unicorn status last month.
The fintech partner is also a 2016 graduate of the FIS Accelerator programme.
FIS’s latest report found that South Africa’s ecommerce industry will be worth $9 billion by 2024.
Whilst Nigeria’s online commerce via mobile devices is projected to more than double in the same time period.
“Emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses,” says Jim Johnson, merchant solutions head at FIS.
“These new markets are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint.”
Through Worldpay, FIS says it processes billions of transactions annually across 146 countries, through more than 300 payments types in 126 different currencies.
As well as Africa and Malaysia, FIS has also recently added new consultants in Germany, Iberia, and the Nordics.
“We understand that payments are personal, and merchants need local understanding of consumer behavior to ensure success,” Johnson adds.