FIS (NYSE: FIS) has announced the latest expansion of its global footprint in the Latin American market by securing domestic card scheme acquiring licenses in Argentina. With the ability to offer local merchants in-country payment processing, Argentine sellers will have access to a broader set of Worldpay from FIS merchant solutions products and services for online commerce.
Worldpay processes billions of transactions annually across 146 countries and more than 300 payments types in 126 currencies and will be the largest global acquirer with a domestic processing capability in Argentina. Previously, to acquire payments locally in Argentina, merchants would have to work with one of two providers, however, recent regulatory changes have prompted an opening up of the market which has allowed new entrants into the country. The expansion is part of Worldpay’s global growth strategy.
The rapid expansion of digital technology and the globalisation of online commerce—accelerated by the Covid-19 pandemic—has increased the need for merchants to be able to operate at worldwide scale. With the eCommerce market in Argentina set to double by 2023, driven by mobile sales, merchants are moving to build reliable and secure online selling capabilities.
“It’s an exciting time to enter Argentina’s eCommerce market where mobile commerce growth is accelerating faster than almost anywhere in the world,” said Juan D’Antiochia, General Manager, LATAM, Worldpay from FIS. “Not only will local sellers benefit from our leading geographic footprint enabling them to sell internationally more easily than ever, the international market will now have a faster route to sell to Argentine consumers. With our smarter payments technology and single point of entry for global merchants to operate around the world, our new domestic acquiring capability in Argentina expands on our promise to enable payments the world over.”
Because of Worldpay’s expansive global footprint, the company’s domestic acquiring capability will give local merchants the ability to trade across borders through a single point of integration as well as a more seamless payments experience wherever they do business. Further, with this expansion, Worldpay is helping open the region to global players looking to enter the market.