Airwallex launches new card product in Australia

  • By Elizabeth Fry

Cross-border payments company Airwallex has launched its online card payments solution so that Australian businesses can have a seamless and secure way to collect online Visa and Mastercard payments from customers. 

The global fintech said card payment acceptance will allow Australian businesses to collect card payments as well as hold, convert and spend their funds in a single multi-currency platform.   

Airwallex’s online card payments solution was first launched in the UK in 2020 and subsequently in Hong Kong earlier this year globally. Card payments is the latest addition to an infrastructure that enables businesses to manage cross-border payments quickly, easily, and cheaply.  

The ability to accept payments is central to any business. The online card solution offers businesses three different ways to enhance their digital payment strategy, based on their industry's specific needs.   

These include one-off links that are instantly generated and issued to customers for invoice payments and a suite of plugins that enables merchants using shopping platforms to accept card and WeChat Pay payments from customers.  It also includes a payments acceptance API that integrates into the firm's website and provides a customisable checkout experience and a variety of payment options.  

Additionally, the foreign exchange group said when funds are received in multiple currencies through the online payments solution, businesses can settle in more than eight currencies with no conversion fees, hold their multi-currency funds in their Airwallex accounts, and spend directly through means such as Airwallex’s debit cards in Australia.   

This entire end-to-end management of business finances is made simpler, more efficient, and much more cost-effective while ensuring the margins and fees are fully transparent, the fintech said.  

“Payments are a core part of any business and a highly-requested feature from our customers in Australia. And as we look to continue to empower businesses to grow and operate globally, we are focused on helping businesses manage their international payments more efficiently,” said Craig Rees, the global head of Airwallex’s platform.  

“Our new online payments solution, therefore, aims to meet their demands and is designed to enable secure, transparent, and cost-effective payment transactions in multiple currencies while eliminating the need for separate tools and solutions," added Rees.  

The company also recently announced a new Sydney engineering hub - to complement its existing Melbourne hub - to speed up research and development for more new products.  

It aims to double its 50-strong Australian engineering team by the end of the year.   

Outside of Australia, the company has engineering hubs in San Francisco, Shanghai, and Amsterdam.