First Data Completes Acquisition of Korea Mobile Payment Services

First Data Corp., a global leader in electronic commerce and payment services, today announced that it has completed the acquisition of approximately 80% interest in Korea Mobile Payment Services (KMPS), a leading provider of Value-Added Network (VAN) services, an authorization switcher that provides a network between merchants and issuers.

Mr. Nigel Lee, president of China & North Asia of First Data International, said: “We are very pleased to complete the acquisition of KMPS. 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. Douglas Guen, CEO for KMPS, will continue serving in his role for the combined companies.

Pam Patsley, president, First Data International, said: “The acquisition of KMPS allows First Data to bring a vast array of services, products and innovations to the Korean market. It also positions First Data to deliver these benefits to all of Asia, which reinforces our commitment to the Asian market.”