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 year1, 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.”