- Newly launched solution allows
merchants in Hong Kong to accept online card payments through Visa and
Mastercard.
- Hong Kong merchants can now
benefit from a seamless end-to-end management of their operations, and have
access to global online payments acceptance, collections, FX and payouts in a
single platform.
- The introduction of the online
card payments solution in Hong Kong is a testament to Airwallex's acceleration
of new product innovations and solutions in the past 12 months across Asia,
Australia, UK and the EMEA markets.
HONG KONG SAR - Media OutReach - 20 May
2021 - Airwallex, a global fintech platform, is excited to announce the launch
of its online card payment acceptance solution in Hong Kong, allowing local
merchants to accept online card payments made around the world using Visa and
Mastercard.
Being an international gateway between China
and the rest of the world, and one of Asia's international hubs for finance and
trade, Hong Kong has seen transformational growth in its payment environment in
recent years, driven by a rapid growth in the e-commerce sector. E-commerce
sales in Hong Kong are forecasted to register a growth of 11.1% this year, and
is expected to continue with this uptrend beyond the pandemic, driven by
increasing demand for payment options that can provide improved security,
greater efficiency and more customised solutions. The Greater Bay Area
Development is also expected to present vast opportunities for growth in
cross-border payments over the coming years.
As a principal member of Visa and Mastercard,
Airwallex's online card payments solution enables Hong Kong merchants to receive online payments from users of Visa and
Mastercard everywhere, and allows for them to optimise working capital flow. On
top of accepting more than 120+ currencies available on Visa and Mastercard's
network, Airwallex enables merchants to directly receive funds in multiple currencies
in their Airwallex accounts without additional costs. Further exchange to other
currencies are then possible at the mid-market rate with a small margin, as
well as repatriating funds back to home
markets at a very low fee. The entire end-to-end process for the merchants is
made simpler, more cost-effective and quicker, while also ensuring the margins
and fees are fully transparent.
The introduction of Airwallex's online card
payments solution in Hong Kong follows the debut of the same service in the UK
and Europe in September 2020, and is a further step towards
building its own global, cloud-based online payments platform. This a key part
of Airwallex's vision to be the global financial cloud that empowers businesses
to operate anywhere and anytime, supporting customer needs for online payments,
collection through virtual bank accounts, FX and other value-added solutions
for SMEs, including cards and expense management, as well as an API for larger
businesses requiring customisation. In Hong Kong, merchants can now benefit
from a seamless end-to-end management of its operations.
Kai Wu, Greater China CEO of Airwallex said,
"Hong Kong's pace of digital adoption is taking shape in a new era of
innovation, and in an environment where there is an increasing need for
efficiency and fast solutions to ensure business success. Our new online card payments solution means merchants in
Hong Kong can now accept payments online via Visa and Mastercard, enjoy
favorable currency exchange rates and make payouts seamlessly through a single
platform. This makes Airwallex a truly viable solution for businesses and
especially the many tech startups and e-commerce merchants that operate in Hong
Kong, Asia and around the world."
Founded in 2015 in Melbourne, and
headquartered in Hong Kong, Airwallex has grown to become a global fintech
platform that is supported by a team of over 650 employees across 13 global
offices. Earlier in March, Airwallex also announced an extended Series D
fundraising round, raising its total amount of equity funds raised to over
US$500 million, and nearly tripling its valuation to US$2.6 billion in just two
years.
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