Worldpay From FIS Opens New Growth Opportunities with United Arab Emirates Expansion

Rhea-AI Summary

FIS has announced the expansion of its Worldpay merchant business into the UAE, marking a significant move in enhancing its payment processing capabilities. The company has secured a category II payment services license to facilitate card acquiring and disbursements, aimed at supporting local businesses and global merchants. The UAE e-commerce market is projected to reach US$43 billion by 2026, underscoring the region's potential for growth. This expansion aligns with FIS's strategy to bolster its merchant acquiring presence and is backed by insights from The Global Payments Report, which highlights that credit cards were responsible for 41% of e-commerce transactions in 2022.

Positive

• Expansion into the UAE enhances Worldpay's payment processing capabilities.
• Secured a category II payment services license, allowing for card acquiring and disbursements.
• UAE e-commerce market projected to reach US$43 billion by 2026, presenting growth opportunities.
• Worldpay's services improve merchant acceptance rates and customer experience.

Negative

• None.

Key facts

• Worldpay from FIS continues to drive global e-commerce with new domestic acquiring capability in the UAE.
• Expansion is part of business’ plans to expand its merchant acquiring presence in key markets.

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Continuing to build its footprint as a leading global acquirer, global financial technology leader FIS^® (NYSE: FIS) has announced today its Worldpay merchant business will be expanding its payment processing capabilities into the United Arab Emirates (UAE) this year.

Worldpay has secured a category II payment services license that allows for card acquiring and disbursements. This new domestic license in the UAE will enable the company to offer its world-class payment services to both local companies with global ambitions, and rapidly growing enterprises looking to expand in the market. This comes on the back of its successful expansion into South Korea in 2022.

Our newest version of The Global Payments Report shows the e-commerce market in the UAE is projected to reach US$43 billion by 2026, with credit cards driving this growth, accounting for 41% of e-commerce transaction value in 2022. This makes it even more important for merchants to select the right payment partner for their business.

“The UAE presents new growth opportunities for global businesses and it’s an exciting time to be entering the market,” said Gabriel de Montessus, Head of Global Enterprise Merchant Solutions, FIS. “Our new domestic acquiring capability in the UAE will ensure seamless integration into the country for global merchants, while local businesses will benefit from our leading geographic footprint, enabling them to expand globally. Our expertise in payments helps us understand how local consumers prefer to pay, as well as the trends that merchants need to get ahead of to optimize their performance as they enter new markets and accelerate global commerce.”

Merchants doing business in the UAE will be able to take advantage of Worldpay’s advanced acquiring capabilities, which will be able to connect them to authorization, clearing and payments settlement, dispute management software 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. Supporting this new market is a proof point of Worldpay’s growth strategy to enhance its merchant acquiring presence in additional markets and expand its global capability.

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500^® and the Standard & Poor’s 500^® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005030/en/

Kim Snider, 904.438.6278

Senior Vice President

FIS Global Marketing and Communications

kim.snider@fisglobal.com

Source: Fidelity National Information Services

FAQ

What is the recent announcement from FIS regarding Worldpay in the UAE?

FIS announced its Worldpay merchant business will expand into the UAE, securing a category II payment services license for card acquiring and disbursements.

How does FIS plan to support local businesses in the UAE?

FIS aims to support local businesses by providing advanced acquiring capabilities and a seamless payments experience.

What is the projected e-commerce market value in the UAE by 2026?

The UAE e-commerce market is projected to reach US$43 billion by 2026.

What percentage of e-commerce transactions in the UAE were made via credit cards in 2022?

Credit cards accounted for 41% of e-commerce transaction value in the UAE in 2022.

What is the overall goal of FIS's expansion into new markets like the UAE?

The expansion aims to enhance FIS's merchant acquiring presence and to facilitate global commerce.