The expansion enables Worldpay to offer its class payment services to local companies aiming to expand worldwide, as well as rapidly growing enterprises looking to get a foothold in the market.
Merchants operating in the UAE can now use Worldpay’s acquiring capabilities. These capabilities connect businesses to authorization, clearing and payment settlement processes, dispute management software, and data insights. The move reflects Worldpay’s growth strategy to expand its merchant-acquiring presence in new markets and enhance its global capabilities – in 2022, the company successfully expanded into South Korea.
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According to FIS’ “Global Payments Report”, the e-commerce market in the UAE is projected to reach $43bn by 2026. The growth will be mostly driven by credit cards, which account for 41% of e-commerce transaction value in 2022.
Gabriel de Montessus, head of Global Enterprise Merchant Solutions at FIS, said: “The UAE presents fresh opportunities for global businesses, and it’s an exciting time to enter the market.
“Our new domestic acquiring capability in the UAE will ensure seamless integration into the country for global merchants with a local presence. Local sellers will benefit from our leading geographic footprint, enabling them to expand globally. Our local understanding of consumer behaviour will ensure success for merchants in the country and continue to fuel smarter commerce across the world”, de Montessus added.
WorldPay is a subsidiary of FIS Global, offering solutions such as payment processing and value-added services, payment methods, as well as security and compliance.
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By GlobalDataIn February, FIS announced its intention to spin off its merchant services business, mainly consisting of Worldpay, which it acquired in 2019 for $43bn. In March, Worldpay launched a new platform with GoDaddy, designed to allow small businesses to accept payments across various channels.
