Global payments fintech firm Worldpay has expanded its presence in Southeast Asia by adding domestic acquiring capabilities in Thailand. 

The company, headquartered in Cincinnati, Ohio, with its international hub in London, says the move is part of its core strategy of enabling global merchants to serve local consumers with preferred payment methods. In Thailand, it will be able to provide domestic settlements in local currency to Thai merchants. 

Acquiring capability refers to a payment processor's ability to enable merchants to accept electronic or card payments from customers. This involves facilitating the secure transmission of data to the issuing bank for authorization and then handling the settlement of funds.  

Worldpay aims to accelerate commerce through improved authorization rates, robust fraud protection, and efficient settlements, as Thailand transitions from a predominantly cash-based society into digital payments. 

“The payments landscape is rapidly evolving in Thailand as we’re seeing a significant shift from cash use to digital wallets and account-to-account. It’s increasingly important for merchants operating in the market to deliver the right shopper experience with the fastest, most secure payments possible,” says Gabriel de Montessus, Worldpay’s president of global enterprise. 

In Southeast Asia, the company is already supporting domestic acquiring capabilities in Malaysia and Singapore. It also has a presence in the broader Asia-Pacific region, including Australia, New Zealand, Hong Kong, Japan, India, and South Korea.

De Montessus notes that in addition to card acquiring, Worldpay will also launch access to four leading alternative payment methods in Thailand, including LINE Pay, TrueMoney, PromptPay and online banking, while also providing local merchants access to its multi-layered fraud protection, dispute management services, and consultative expertise.

Aside from Thailand, Worldpay also recently announced its expansion into other developing markets, including Colombia, Mexico, and the United Arab Emirates.