Worldline rolls out cross-border payment solution in South Korea

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 ecommerce transactions totalling USD 9.5 billion in 2020 and with 75% of online consumers shopping across borders, South Korea presents a significant opportunity for market expansion. Indeed, with an estimated population of 52 million people, mobile shopping makes up 65% of the total ecommerce value, while the nation ranks fifth worldwide for ease of doing business. In addition, the country has a 97% rate of internet penetration, making it one of the continent’s most dynamic markets. 

The move will help global ecommerce merchants overcome payment challenges in one of Asia’s most digitally advanced nations, and it aims to cater to the needs and preferences of their local customers. 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 the preferred currency, for example in EUR or USD. 

Worldline’s entry into South Korea is part of the group’s strategic global approach to help global businesses enter high growth markets, and this payments solution follows propositions already launched for Brazil, China, India, and Russia.