Visa and Hong Kong-based fintech Airwallex have announced the launch of B2B card-based payment solution Airwallex Borderless Card.
The aim of the solution is to help businesses pay and be paid securely and conveniently. The new offering will be available initially in Australia, with other markets around the world, including the United Kingdom and Hong Kong, to follow later in 2020.
Through the partnership with Visa, businesses on Airwallex will be able to generate a multi-currency virtual Visa payment account to pay their suppliers within seconds. Businesses can take advantage of Airwallex’s market-leading international foreign exchange rates as the virtual payment accounts are linked directly to its foreign currency accounts, with transactions being funded as and when they happen. Further, businesses are able to set transaction limits, including currency and merchant types, which gives control and visibility over the payment.
Looking ahead, Visa and Airwallex have announced they will enable businesses to issue individual multi-currency Visa corporate cards to employees. This will allow businesses to empower their employees to make purchasing decisions while retaining visibility and control over spend. For employees, a Visa corporate card provides all the benefits of paying with Visa, without having to first pay out of their own pocket and wait to be reimbursed.
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