The Airwallex Borderless Card will allow customers in Hong Kong to instantly generate and issue multi-currency virtual payment cards that can be used to promptly pay third parties.
Leveraging Visa's network and scale, merchants will be able to transact in more than 140 currencies and make payments globally where Visa is accepted.
Introduction of cards into Hong Kong follows its initial debut in Australia last year and subsequent launch in the United Kingdom.
HONG KONG, June 10, 2021 /PRNewswire/ -- Airwallex, a leading global fintech platform, and Visa, the world's leading digital payment technology company, today introduced the Airwallex Borderless Card (a good funds card) for businesses in Hong Kong.
Starting today, Airwallex customers in Hong Kong will be able to instantly generate and issue multi-currency virtual payment cards that can be used to promptly 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. 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.
Airwallex is a global fintech payment platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy. With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses to manage payments, treasury and expenses globally, without the constraints of the traditional financial system.
Airwallex has secured over US$500 million since it was established in Melbourne in 2015, and is backed by world-leading investors. Today, the business operates with a team of over 700 employees across 12 global offices. For more information, please visit www.airwallex.com
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
 The Visa Back to Business Study surveyed 2,000 small and medium enterprises and 4,500 consumers in eight markets in June 2020. The eight markets include Brazil, Canada, Germany, Hong Kong SAR, Ireland, Singapore, United Arab Emirates and United States.