Airwallex, a leader in global payments, has expanded its operations to the United States, enhancing its financial services and aiming to compete with major online payment platforms. This strategic move targets U.S.-based and international merchants, offering them a more efficient multi-currency shopping experience and localized payment options.
Airwallex, a recognized leader in global payments and financial services, has officially launched its payment acceptance solution in the United States, significantly enhancing the operational capabilities of U.S.-based and international merchants aimed at the American market. This strategic expansion not only positions Airwallex to compete with major online payment entities but also accelerates the company’s investment in providing comprehensive, one-stop financial solutions globally.
The San Francisco-based fintech innovator is now extending its services to cover 35 countries, offering a seamless, localized multi-currency shopping experience vital for businesses operating across borders. Airwallex’s latest venture into the U.S. market signifies a substantial step in its global strategy, following successful operations across the Asia Pacific and Europe.
Ravi Adusumilli, the executive general manager of Americas at Airwallex, underscored the dual benefits of the expansion. Firstly, it assists U.S. companies in accessing a worldwide customer base, and secondly, it facilitates international businesses in tapping into the vast U.S. market. The timing appears impeccable, as cross-border eCommerce is witnessing substantial growth despite prevailing economic uncertainties.
A recent study highlighted that over half of global consumers are poised to increase their purchases from overseas vendors, underscoring the critical need for businesses to adapt to international payment preferences. About 93% of consumers indicated that pricing in local currencies plays a crucial role in their purchasing decisions, and 77% would abandon a transaction if their preferred payment option is unavailable.
Airwallex’s payment solution addresses these consumer needs by enabling businesses to offer a customized shopping experience, displaying prices in various currencies and providing a selection of both global and locally pertinent payment methods. This includes not only widely recognized options like PayPal and Klarna but also regional favorites such as GrabPay in Southeast Asia and iDEAL in the Netherlands.
Moreover, the financial structure of Airwallex allows merchants to avoid the hefty fees typically associated with currency conversion. Transactions can be settled in customers’ preferred currencies, with funds maintained in an Airwallex wallet, thus circumventing unnecessary losses from FX fees, which can often consume 1-2% of every transactional dollar.
Airwallex supports a broad spectrum of integration needs, from basic payment links suitable for invoicing to sophisticated, API-driven customizations for e-commerce platforms such as Shopify and WooCommerce. Additionally, businesses can leverage Airwallex’s financial services suite, which includes making direct payments to global suppliers and employees through extensive local transfer networks or via Airwallex-issued Visa cards.
The company’s aggressive expansion strategy is underscored by its recent activities in the Americas; it marked its entrance into Canada and revealed plans to penetrate the Mexican market through the acquisition of the payment service provider MexPago. This growth is further bolstered by the significant development of its global leadership team and the introduction of its Borderless Cards in Canada.
Founded in Melbourne, Airwallex has grown to support over 100,000 businesses worldwide, collaborating with recognized brands across various sectors. This strategic expansion into the U.S. market not only enhances Airwallex’s service portfolio but also cements its reputation as a pivotal player in the dynamic sphere of global financial services aimed at empowering modern businesses to thrive without borders.
