- Airwallex, which is a major financial technology provider, said that it is launching its online card payment service in Hong Kong following a successful rollout in the UK and Europe last year.
- Merchants and e-commerce sellers who are based in Hong Kong can now accept payments from all over the world thanks to the firm’s participation in schemes run by Mastercard and Visa.
- A senior source at the company said that it recognised that digitalisation was happening at pace – and that it had a role to play in responding.
A leading financial technology platform has announced a significant boost for cross-border payments services in Hong Kong.
Airwallex said that it will now start offering its online card payment acceptance solution in the major East Asian city to give regional merchants the chance to take payments from around the world.
Airwallex is designated as a principal member of firms such as Mastercard and Visa, meaning that users of cards from these firms can now pay for goods in the relevant regions – with Airwallex as the intermediary.
The money is transferred directly into the merchants’ bank accounts, and does not come with any extra costs.
It is also possible for them to receive funds in different currencies.
It can later be transferred into additional currencies using the mid-market rate, the firm said.
There is also an option to send money back to home markets by paying a small charge.
Transparency is key to the service and is offered at all points in the process, the company said.
This online card payments solution was rolled out in the UK in September of last year, and also in mainland Europe.
In a statement, a senior figure at Airwallex said that the company recognised that digitalisation was happening quickly in Hong Kong.
Kai Wu, who is the chief executive officer of the firm in the Greater China region, said that the company was aware that firms had a need for speed in this regard.
“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,” he said.
He went on to emphasise that there were distinctive benefits to the Airwallex platform in this regard.
“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,” he explained.
He concluded by saying that Airwallex was a “viable” option for firms such as early-stage tech companies.
“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,” he said.
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