The country has Asia’s highest internet penetration percentage, is ranked fifth worldwide for ease of doing business and saw cross-border ecommerce tally $9.5 billion in 2020
Worldline [Euronext: WLN], a global leader in the payments and transactional services industry, is expanding its ecommerce payment solution to meet the specific needs of businesses looking to enter or expand their online operations in South Korea, one of Asia’s most digitally advanced countries. The proposition will help process local payments and provide access to this strategic market without the need to set up a local business entity.

With cross-border e-commerce transactions totalling $9.5 billion last year and with 75% of online consumers shopping cross-border, South Korea presents a fascinating opportunity for market expansion. Indeed, with an estimated population of 52 million people, mobile shopping makes up 65% of the total e-commerce value, while the nation ranks fifth worldwide for ease of doing business. In addition, the country has a 97% rate of internet penetration, the highest in Asia, making it one of the continent’s most interesting and dynamic markets. Following in-depth analysis of the market’s potential, Worldline has gained extensive expertise of South Korea’s financial ecosystem, which will ultimately help merchants abide by local rules and regulations.

The move will help global e-commerce merchants overcome payment challenges in one of Asia’s most digitally advanced nations and will cater carefully to the needs and preferences of their local customers and allow them to access a compelling digital commerce market. Worldline’s new solution supports customers with:

• A one-stop solution for processing in South Korea without the requirement of a local entity
• Local cards processing and currency increasing conversion rates
• Access to local acquiring further increasing payments performance
• The ability to avoid high cross-border fees with all-in blended pricing and no cardholder surcharge
• The ability to limit foreign exchange risks through same-day exchange in your preferred currency, for example in EUR or USD.

Roger Niederer, Chief Market Officer Merchant Services at Worldline commented: “South Korea is one of the largest and most digitally advanced markets in Asia, making it an exciting opportunity for almost every large online business. The solution we built cuts through the complexity and optimizes payment performance across the board.”

Worldline’s entry into South Korea is part of the group’s strategic global approach to help global businesses enter high growth markets. Indeed, this payments solution follows propositions already launched for Brazil, China, India and Russia. To support merchants in their efforts to penetrate these unique ecosystems, Worldline conducts extensive analysis to ensure businesses comply with local governmental regulatory standards and tailor solutions to the preferences of the consumer to help drive cross-border growth.