Airwallex has rolled out virtual Visa cards in Canada to facilitate payments among businesses in the region. The global payment platform is issuing the cards, dubbed Airwallex Borderless Card, in partnership with Peoples Trust Company. According to the press release, the new offering enables businesses to fund transactions in multiple currencies.

Airwallex Eyes Cross-Border Payments

Ravi Adusumilli, the Executive General Manager for Americas at Airwallex, mentioned: "Operating across borders is table-stakes for modern businesses, whether it's paying a supplier overseas or managing employee expenses for international travel."

"With the Airwallex Borderless Visa Card, Canadian businesses gain flexibility and control to fund their card transactions in multiple currencies, making seamless, low-cost, international payments possible in a matter of seconds."

Traditional business card solutions often impose high foreign exchange costs when used for international transactions. To address this challenge, the Airwallex Borderless Cards will allow users to directly generate and issue virtual cards from their Airwallex multi-currency wallet.

This process eliminates unnecessary FX conversion fees, providing businesses with a cost-effective solution for spending funds globally. Additionally, the cards are integrated with Airwallex's Expense Management offering.

Integrated Expense Management

This integration enables firms to simplify expense reporting processes, upload receipts, and manage approvals. On the platform, businesses can access a unified view of expenses across all currencies and accounts.

Airwallex plans to expand its support for virtual cards to include Apple Pay, Google Pay, and physical multi-currency payment cards. Since its entry into the Canadian market in April 2023, Airwallex has been expanding its operations across the Americas. Last year, the company acquired MexPago, a payment service provider in Mexico. The acquisition marked its entrance into the booming Latin American market.

Speaking about the acquisition, Adusumilli said: "Our exceptional growth in the Americas reflects a strong demand for seamless financial solutions that empower businesses to operate globally. With MexPago, we're well-positioned to become the leading platform for international business transactions."