Airwallex rolls out multicurrency virtual cards
Airwallex, an Australian cross-border payments company has announced the launch of Airwallex Borderless Cards which are virtual Visa cards issued by Community Federal Savings Bank (“CFSB”), which enables U.S. businesses to make digital cards payments around the world.
As per the announcement, clients in the United States would be able to ‘generate and issue multi-currency virtual payment cards that can be used to promptly pay third parties, such as vendors and other online merchants, wherever Visa cards are accepted’.
Last year, the company made inroads in Asia, raised $100m in the round of funding and also secured a payments license in Singapore.
Using the card, the businesses can pay in more than 140 currencies and also have a card capability of security, control and visibility with company spending. It also noted that in the coming months, the company would roll out the ‘the issuance of physical multi-currency payment cards for business owners and for their employees’ work expenses’.
The company also expanded to South East Asia by securing a licence in Malaysia and in North America last year.
The company and Visa had first announced their partnership back in February 2020 for cross-border payments and since then, the company announced Airwallex Borderless Card in Australia in 2020, and in the United Kingdom and Hong Kong in 2021.