Worldline Group's subsidiary secures a payment licence in Singapore

Thursday 14 December 2023 08:53 CET | News

France-based payment services provider Worldline has secured a payment licence to perform domestic and cross-border payments and merchant acquiring services in Singapore.

The licence granted by the Monetary Authority of Singapore to Worldline’s subsidiary GCS APAC enables Worldline to expand its presence in the Asian marketplace and enhance its offerings for both local and international merchants operating throughout the region.

Moreover, the licence gives Worldline the chance to introduce its payment technology solutions to an important global market that continues to expand. Thus, Worldline will be able to provide localised and cross-border money transfer services, as well as support merchant acquisition services to a large group of local and international merchants conducting business in this marketplace.

According to the official press release, e-commerce in Singapore is rapidly expanding from USD 9.3 billion in 2019 to an estimated USD 14.8 billion in 2023. This trend is expected to continue, reaching USD 21.9 billion by 2027.

The rise in contactless card payments appears to be the main reason for this ascendant trend. These payments are expected to increase from USD 27.7 million in 2019 to USD 39.3 million in 2023. 

Worldline has secured a payment licence to perform domestic and cross-border payments and merchant acquiring services in Singapore.


Worldline expanding in Asian regional markets

This announcement also reflects previous Worldline's expansion into the growing Asian markets.

In Japan, Worldline has a preferred partnership with Vesca, a local provider of payment solutions and network service provider (NSP). Worldline leverages its global payment processing facilities to provide transaction processing, while Vesca acts as the acceptance layer in the country. This alliance makes it simple and cost-efficient for Japanese merchants to accept credit cards.

The South Korean market has piqued the interest of global e-commerce players. Recently, Worldline has expanded its support for these players through geo expansion. By leveraging an understanding of South Korea's financial ecosystem and local partnerships, Worldline aims to help global online businesses process payments locally and access the local market without the need to set up a local entity.

In India, Worldline has been working towards building a payment ecosystem for over 26 years. Their Paytech offering covers the entire payment value chain, both in-store and online. This comprehensive system is helping to promote a less cash-dependent economy in India, ultimately leading to a boost in economic growth. Moreover, Worldline is currently a preferred partner for 30+ public and private sector banks along with NBFCs, insurance companies, ecommerce, start-ups, retail brands, and SMBs. It has more than 1.5 million merchant touchpoints across 5000+ towns and cities in India.

Worldline’s transactions in the APAC region 

Worldline, besides providing services for merchants in the region, is collaborating with a vast network of banks. In markets like Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Brunei, Taiwan, Hong Kong, and China, over 85% of banks in ASEAN countries are already utilising Worldline's product portfolio.

Worldline's official statement highlights the increasing interest of businesses and consumers in adopting new ways of conducting transactions across diverse markets with global implications. 

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Keywords: banking license, cross-border payments, cross-border ecommerce, payments infrastructure, money transfer
Categories: Payments & Commerce
Companies: Worldline
Countries: Asia, Singapore
This article is part of category

Payments & Commerce


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