News

First Data acquires Korea Mobile Payment Services

November 20, 2005

SEOUL, South Korea - First Data Corp., a global leader in electronic commerce and payment services, has acquired a majority interest in Korea Mobile Payment Services, a leading provider of value-added network services, according to a news release.

"We are very pleased to complete the acquisition of KMPS," said Nigel Lee, president of China and North Asia for First Data International. "The combination of First Data and KMPS will build on KMPS' existing merchant relationships in Korea and First Data's extensive merchant acquiring expertise that will jointly contribute to the growth and development of the Korean financial market."

This strategic acquisition extends First Data's global electronic payment offering and marks its first official footprint in the Korean payment services market.

KMPS is a market leader, with one of the largest point-of-sale networks in Korea, and provides financial payment services including VAN services and terminal interface services to 250,000 merchants.