FinTech platform Airwallex has debuted its Airwallex Borderless Card, a virtual card issued by the Community Federal Savings Bank, which allows businesses to easily make cross-border digital card payments, a press release said.
Airwallex customers in the U.S. will be able to generate and issue multicurrency virtual payment cards that can be used to pay vendors or online merchants.
Airwallex’s new card will let U.S. companies transact in over 140 countries, allowing them to expand more easily into new markets because of the ease of payment.
And the single- and multiuse card capabilities can improve security, control and visibility.
The company also plans to expand the card functionality and offer physical multicurrency payment cards for business owners and for employee work expenses.
Airwallex partnered with Visa in February 2020 to improve cross-border payments for businesses.
Shahryar Abbasi, head of small and medium enterprises in North America at Airwallex, said, “The Airwallex Borderless Card can help solve a number of pain points U.S. businesses often face when making cross-border payments. With the Airwallex Borderless Card, U.S. businesses will have the flexibility and control to grow their business internationally and make seamless payments in a matter of seconds.”
Read more: Aussie FinTech Startup Airwallex Rolls Out Payments Services in Singapore
PYMNTS wrote that Airwallex has also recently debuted its services in Singapore.
That came as it was granted a major payment institution (MPI) license from the Monetary Authority of Singapore, and it also piloted a successful beta launch in November 2020.
The suite of products Airwallex will offer includes digital payments, global account issuance, domestic and cross-border money transfers and multicurrency wallets.
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About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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