Airwallex, the Australia based fintech firm partnered with Visa to launch the Borderless Card according to the latest press release. The Card will be first launched in Australia and then in the UK and Hong Kong. It would aid the businesses to reduce the international transaction and exchange fees.
The strategic partnership with Visa is a massive milestone for Airwallex. The collaboration majorly provides innovations in multi-currency cross border payment solutions for businesses.
Airwallex Growing Influence in Digital Markets
The company basically enables the cross border payments by combining the payments and foreign exchange transfers into a single transaction.
Jack Zhang, CEO of Airwallex, clarified that the company aims to take on the new digital business in the coming five years. He said that their firm has a practical plan for Airwallex to Airwbe, which is the component of the tech stack, for the transactions of domestic as well as global market. The firm is all set to offer end-to-end financial services solutions after the partnership with Visa. Airwallex shook hands with RippleNet network in October 2017 which allow the processing of corporate payments in Asia Pacific region.
The company is also planning to launch the physical version of the borderless corporate cards to aid the employees while travelling and purchases from offshore merchants.
Borderless Card aiding Crypto market
Chris Clark, Asia Pacific regional President of Visa, is excited about the seamless, secure and convenient mode of international payments after the launch of borderless Card. One of the barriers to crypto acceptance is the difficulty to spend cryptocurrency in the real world. Borderless cards are aimed at reducing the transaction costs globally while transacting in cryptocurrency. The Card would allow one to jam crypto coins into the Card and to swipe it for offshore payments with reduced exchange fees. The ease, as well as reduced fees, encourage the potential crypto enthusiasts to invest in the crypto industry.