Visa partners with Airwallex to launch Airwallex Borderless Cards in Hong Kong

By Leandra Monteiro

Airwallex, a global FinTech platform, and Visa, the digital payment technology company, today introduced the Airwallex Borderless Card for businesses in Hong Kong.

Airwallex customers in Hong Kong will be able to instantly generate and issue multi-currency virtual payment cards that can be used to quickly pay third parties, such as vendors and online subscriptions. With the ability to transact in more than 140 currencies and make payments to merchants globally where Visa is accepted, the Airwallex Borderless Card will enable a more secure, transparent and fast way for businesses to make digital payments across borders. Both single use or multi-use cards are available with individual transaction limits across currency and merchant types, providing total control and visibility over payments.

Looking ahead, the Airwallex Borderless Card will also expand to offer multi-currency corporate cards for business owners and their employees, further empowering them to make everyday corporate purchase decisions.

A virtual card is a digital alternative to a physical payment card. It is created entirely online and is complete with a 16-digit number, card verification number and expiry date. Designed as a more secure and convenient way to make payments, virtual cards are essentially “card-less” card payments that allow the flexibility and control to make seamless payments in a matter of seconds.

“Demand for virtual cards has been accelerating as businesses look for a modern solution to not only transact money, but to also control their finances, optimise spending and enhance their security and protection,” said Kai Wu, Greater China CEO and Group CFO of Airwallex. “As we continue to empower businesses to grow without borders, we are very excited to launch the Airwallex Borderless Card in Hong Kong in collaboration with Visa. The global accessibility and the ability for customers to transact in multiple currencies with this card further bolsters Airwallex’s product stack as we look to continuously enhance our offering, providing our customers with a one-stop shop for their cross-border payment needs.”

Maaike Steinebach, General Manager, Visa Hong Kong and Macau said, “At a time of constant change, we are seeing a greater need for digital solutions to support businesses who operate globally. During the peak of the pandemic last year, 3 in 5 (61%) small and medium enterprises in Hong Kong were selling products online for the first time.[1]  As more businesses pivot to e-commerce and expand internationally, many demand for more secure and convenient ways to make cross-border payments. We are pleased to be partnering with Airwallex once again to launch the Airwallex Borderless Card in Hong Kong.”

Airwallex and Visa first announced a strategic partnership in February 2020, with the aim to revolutionise the cross-border payments experience for businesses that need to make payments to multiple parties across different geographies. Airwallex and Visa debuted Airwallex Borderless Cards in Australia last year before rolling it out to the United Kingdom and now Hong Kong.