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February 24, 2022

Airwallex launches multi-currency virtual cards for US business

Australian fintech platform Airwallex has launched US Airwallex Borderless Card to allow US businesses to make digital card payments globally.

The move will allow Airwallex’s US customers to instantly generate and issue multi-currency virtual payment cards to pay third parties, including vendors and online merchants.

The US Airwallex Borderless Card, a virtual Visa card issued by Community Federal Savings Bank (CFSB), can be used wherever Visa cards are accepted.

Furthermore, it will enable US businesses to transact in over 140 currencies and expand into new markets with more flexibility in payments.

Airwallex, which launched its services in the US in August 2021, noted that the single- and multi-use card capability will offer enhanced security, control, and visibility to company spending.

Airwallex North America Small and Medium Enterprises head Shahryar Abbasi said: “The Airwallex Borderless Card can help solve a number of pain points US businesses often face when making cross-border payments.

“With the Airwallex Borderless Card, US businesses will have the flexibility and control to grow their business internationally and make seamless payments in a matter of seconds.”

Airwallex first teamed up with Visa in February 2020 to enhance the payment experience for businesses that require to send out payments to several parties across various geographies.

Airwallex Borderless Cards were rolled out in Australia in 2020, and in the UK and Hong Kong last year.

The firm plans to introduce additional functionalities to US Airwallex Borderless Card in the coming months.

The new capabilities will include the issuance of physical multi-currency payment cards for business owners and for work expenses of their employees.

Visa Business Solutions North America head Veronica Fernandez said: “Visa remains focused on bringing to life digital-first solutions to help businesses of all sizes more easily move money domestically and across borders.

“With today’s launch of the US Airwallex Borderless Card, we’re pleased to bring these secure and convenient cross-border payment options to U.S. businesses.”

Last month, Airwallex expanded its payment service to Singapore after securing Major Payment Institution license from the Monetary Authority of Singapore.

Last year, the firm secured a money services business (MSB) licence from Bank Negara Malaysia.

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