Australia-based cross-border payments provider Airwallex has entered into a partnership with Visa to introduce Airwallex Borderless Card for businesses.
The Airwallex Borderless Cards can be used by businesses on Airwallex to pay their suppliers within seconds.
Making its debut in Australia, the card will become available in other markets around the world, including the United Kingdom and Hong Kong, later this year.
The partnership will focus on the cross-border payments experience for businesses that make payments to multiple parties across different geographies, such as online marketplaces, online travel agents and businesses who work with gig economy workers.
Visa stated that the businesses can make use of Airwallex’s foreign exchange rates.
Additionally, businesses can set transaction limits, including currency and merchant types, which offers control and visibility over the payment while improving security and reducing fraud transaction.
Visa Asia Pacific regional president Chris Clark said: “Today, cross-border B2B payments remain a cumbersome and costly affair, which can impact small businesses and corporates who are time-starved and need to keep a close eye on their cashflow.
“This is why we are excited to partner with Airwallex to help businesses make seamless, secure and convenient international payments, all linked to a Visa account.
“By leveraging our network and scale, businesses on the Airwallex platform can now make payments to any merchant that accepts Visa.”
Airwallex Borderless Card will offer additional services by the end of March
The Airwallex Borderless Card will offer more services in the second phase, due at the end of the first quarter of this year.
The card will expand to provide multi-currency corporate cards for business owners and their employees.
Furthermore, Airwallex customers should be able to generate their own physical corporate cards.
The cards will be available in digital form later in the year.
Airwallex CEO and co-founder Jack Zhang said: “Airwallex’s goal has always been to set up a global financial infrastructure that helps businesses to grow and scale. In the last few years, we have cemented a growing reputation as one of the world’s leading cross-border payments providers.
“This partnership with Visa takes us to a new level, where we can now offer businesses an end-to-end financial services solution. We have evolved to become a business account that will support the financial needs of today’s modern business.”
