- FIS (NYSE:FIS +0.8%) expands its payment processing capabilities into Malaysia, South Africa, and Nigeria, as it seeks to expand its global footprint in regions with rapidly growing e-commerce markets.
- The company received a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform. In South Africa and Nigeria, FIS will offer payment processing services through its previously announced agreement with Flutterwave.
- Worldpay's 2021 Global Payments Report projects that Malaysia's e-commerce market will increase 71% by 2024, driven by mobile. Over the same period, Nigeria online commerce via mobile devices is projected to double.
- In South Africa, the e-commerce industry is projected to be worth $9B by 2024, with mobile accounting for a third of spending.