PYMNTS MonitorEdge May 2024

Airwallex Expands Payment Acceptance Solution to US

Airwallex

Airwallex has expanded its payment acceptance solution to the United States.

With this service, U.S.-based merchants can accept payments from both domestic and international customers, and foreign merchants with U.S. entities can provide a localized payment experience to their U.S.-based customers, the global financial platform said in a Wednesday (April 24) press release.

Airwallex now provides payment acceptance services in 35 countries in the Asia-Pacific region, Europe and the Americas, according to the release. 

“We’re investing here for the long-term, showing businesses of all sizes what a truly global financial structure can deliver,” Ravi Adusumilli, executive general manager of Americas at Airwallex, said in the release. “The opportunity we’re delivering is two-fold: helping U.S. companies tap into a global customer base and helping businesses around the world access the massive U.S. market.”

With Airwallex’s payment acceptance solution, merchants and platforms can create a localized checkout experience in which they can price in multiple currencies and offer a variety of alternative payment methods, according to the release. 

Merchants can also save on unnecessary fees by settling transactions in their customer’s preferred currency and then holding those earnings in their Airwallex wallet so that they don’t have to pay additional foreign exchange (FX) fees, the release said.

Airwallex also offers multiple integration offerings, including simple payment links attached to invoices, integration with popular eCommerce platforms and customized checkout experiences built on Airwallex’s application programming interfaces (APIs), per the release. 

“Airwallex’s payment acceptance offering is purpose-built for the globally connected economy,” the company said in the release.

Embedded finance offers an attractive opportunity for merchants and platforms because it rests at the intersection of daily life’s increasing digitization and the corresponding behavioral expectations of end-users, Luke Latham, general manager of Australia and New Zealand at Airwallex, told PYMNTS in an interview posted in December.

“The end user believes [payments are] an expected part of their user experience, and that is the mindset that platforms are needing to respond to,” Latham said. “It’s an opportunity to improve customer acquisition, reduce customer acquisition costs and improve retention.”

In another recent move, Airwallex entered the Latin American market in October with a deal to acquire Mexico-based payment service provider MexPago.