Worldpay will provide the exchange with card-to-crypto services, while supporting better fraud monitoring and analytics
Leading technology solutions provider FIS announced yesterday that its payment processing company, Worldpay, which it acquired in 2019, had been chosen by OKCoin to provide services as the cryptocurrency exchange expands globally.
Worldpay will provide OKCoin with global merchant acquiring and foreign exchange services to make it easier for customers to buy crypto with credit and debit cards. This will result in high authorisation rates for the exchange, as well as better reporting, fraud monitoring, and analytics.
General Manager for North America at Worldpay Merchant Solutions at FIS, Jason Pavona, explained, “Worldpay has extensive experience guiding cryptocurrency exchanges through the complexities of the global payment ecosystem. For the past eight years, we have worked with some of the world’s biggest crypto exchanges, building solutions to open up card payments and payouts to consumers using crypto exchanges. Interest in crypto currencies has never been greater and making exchanges more accessible to consumers by enabling global card-to-crypto payments is now more important than ever.”
Half of the top 10 crypto exchanges already use FIS, which facilitates various types of payments and currencies in over 100 countries and processes more than $2 trillion in transactions each year. Earlier this month, Worldpay from FIS was also selected by crypto payments infrastructure provider MoonPay as it expands to enable more developers to accept payments for crypto and non-fungible tokens (NFTs).
OKCoin enables users to buy more than 25 cryptocurrencies with fiat and earn more from their assets with the exchange’s staking and decentralised finance (DeFi) offers. With offices in Hong Kong, Singapore, Japan, Korea, Malta, and San Francisco, OKCoin already serves 190 countries and is aiming to break into new markets through its partnership with Worldpay.
COO of OKCoin, Jason Lau, added, “Our mission is to enable seamless transition between local currencies and cryptocurrencies to grow the ecosystem across the globe, and to provide intuitive products which enable our customers to participate in the crypto economy with none of the complexities. Worldpay’s extensive experience in the industry is helping us in that goal through card payments across all other markets. As we activate new markets and local currencies, opening up new channels of payments will play a key part in our growth, as well as the overall cryptocurrency industry.”
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Author: Alice Leetham