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Airwallex rolls out Borderless Visa Cards in Canada

By Delisha Fernandes

April 11, 2024

  • Airwallex
  • Apple Pay
  • Card Transactions
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Airwallex, MexPago, Fintech Unicorn, Payments, license-holder, financial infrastructure, financial platform, Electronic Payment Funds, Fintech news, Fintech MexicoAirwallex, a global payments and financial platform for modern businesses, has introduced the Airwallex Borderless Visa® Card in Canada.

The virtual card is issued by Peoples Trust Company, part of Peoples Group, and enables Canadian businesses to easily make payments around the world, everywhere Visa is accepted.

Ravi Adusumilli, executive general manager, Americas, at Airwallex, said, “Operating across borders is table-stakes for modern businesses, whether it’s paying a supplier overseas or managing employee expenses for international travel. With the Airwallex Borderless Visa Card, Canadian businesses gain flexibility and control to fund their card transactions in multiple currencies, making seamless, low-cost, international payments possible in a matter of seconds.”

Many of the business card solutions available in Canada require businesses to fund transactions in Canadian dollars, which incurs high FX costs when used to spend with US or international vendors. The Borderless Visa card leverages Visa’s virtual card capabilities, which will enable Airwallex customers in Canada to instantly generate and issue virtual cards and pay global expenses directly from their Airwallex multi-currency wallet, eliminating unnecessary FX conversion fees.

Chris Ferron, head of digital partnerships and fintech at Visa Canada, said, “At Visa, we are focused on bringing to life digital-first tools that help businesses scale internationally and ease their operations. We are proud to work with Airwallex to introduce this solution to their clients and enable seamless, convenient, and borderless payment options for Canadian businesses.”

If the account has an insufficient balance in the specified currency to fund the transaction, Airwallex will automatically convert funds held in the account in other currencies at market-leading rates. With single- and multi-use card capabilities, the Borderless Visa card allows for stronger security, better control, and heightened visibility of company spending.

The Airwallex Borderless Visa cards are tightly integrated with Airwallex’s Expense Management offering, enabling teams to upload receipts, submit expense reports, and send through approval flows, giving businesses a unified view of expenses across all currencies and accounts. Over the coming months, Airwallex plans on expanding the Borderless Card functionality, including the addition of Apple Pay and Google Pay, and the availability of physical multi-currency payment cards for business owners and their employees.

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