Airwallex and Visa partner to launch B2B payments card
With vast untapped Asian markets, commercial payments companies have increased focus on this region and have collaborated with card giants to gain a significant edge over other players.
In such, Australia based cross-border payments firm Airwallex has partnered with Visa to launch Airwallex Borderless Card for business clients in Hong Kong.
Under this partnership, Airwallex customers in Hong Kong will be able to instantly generate and issue multi-currency virtual payment cards that can be used to pay third parties such as vendors and suppliers and the card can pay and transact in more than 140 currencies and make payments to merchants globally where Visa is accepted.
This year, Airwallex had raised $100 million in its series D round of funding. With this funding, the company concluded its series D round with total funding of $300 million and a total of $500 million equity raised in overall rounds.
“Demand for virtual cards has been accelerating as businesses look for a modern solution to not only transact money but to also control their finances, optimise spending and enhance their security and protection,” said Kai Wu, Greater China CEO and Group CFO of Airwallex.
The cards will be available in single-use as well as multiple uses with individual transaction limits across the currency and merchant types while providing control and visibility over payments.
“As more businesses pivot to e-commerce and expand internationally, many demand more secure and convenient ways to make cross-border payments”, said Maaike Steinebach, General Manager, Visa Hong Kong and Macau.
Airwallex and Visa had first announced a strategic partnership in February 2020 and had debuted Airwallex Borderless Cards in Australia last year before rolling it out to the United Kingdom and now Hong Kong.