Airwallex, a cross border payment company, announced the launch of its online card payment acceptance solution in Hong Kong, allowing local merchants to accept online card payments made around the world using Visa and Mastercard.
As a principal member of Visa and Mastercard, Airwallex’s online card payments solution enables Hong Kong merchants to receive online payments from users everywhere, and allows for them to optimise working capital flow.
The introduction of Airwallex’s online card payments solution in Hong Kong follows the debut of the same service in the UK and Europe in September 2020, and is a step towards building its own global, cloud-based online payments platform.
On top of accepting more than 120 currencies available on Visa and Mastercard’s network, the payments firm enables merchants to directly receive funds in multiple currencies in their Airwallex accounts without additional costs.
Further exchange to other currencies are then possible at the mid-market rate with a small margin, as well as repatriating funds back to home markets at a very low fee.
Airwallex said that the entire end-to-end process for the merchants is made simpler, more cost-effective and quicker, while also ensuring the margins and fees are fully transparent.
Founded in 2015 in Melbourne, and headquartered in Hong Kong, Airwallex has grown to become a global fintech platform that is supported by a team of over 650 employees across 13 global offices.
Earlier in March, Airwallex also announced an extended Series D fundraising round, raising its total amount of equity funds raised to over US$500 million, and nearly tripling its valuation to US$2.6 billion in the past two years.
Kai Wu, Greater China CEO of Airwallex said,
“Our new online card payments solution means merchants in Hong Kong can now accept payments online via Visa and Mastercard, enjoy favorable currency exchange rates and make payouts seamlessly through a single platform.
This makes Airwallex a truly viable solution for businesses and especially the many tech startups and e-commerce merchants that operate in Hong Kong, Asia and around the world.”
Featured image credit: edited from Unsplash
