TORONTO--(BUSINESS WIRE)--Airwallex, a leading global payments and financial platform for modern businesses, today introduced the Airwallex Borderless Visa® Card in Canada. The virtual card is issued by Peoples Trust Company, part of Peoples Group, and enables Canadian businesses to easily make payments around the world, everywhere Visa is accepted.
Ravi Adusumilli, executive general manager, Americas, at Airwallex, said: “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.”
Chris Ferron, head of digital partnerships and fintech at Visa Canada, said: “At Visa, we are focused on bringing to life digital-first tools that help businesses scale internationally and ease their operations. We are proud to work with Airwallex to introduce this solution to their clients and enable seamless, convenient, and borderless payment options for Canadian businesses.”
A streamlined approach to company spending
Many of the business card solutions available in Canada today require businesses to fund transactions in Canadian dollars, which incurs high FX costs when used to spend with US or international vendors. The Borderless Visa card leverages Visa’s virtual card capabilities, which will enable Airwallex customers in Canada to instantly generate and issue virtual cards and pay global expenses directly from their Airwallex multi-currency wallet, eliminating unnecessary FX conversion fees.
If the account has an insufficient balance in the specified currency to fund the transaction, Airwallex will automatically convert funds held in the account in other currencies at market-leading rates. With single- and multi-use card capabilities, the Borderless Visa card allows for stronger security, better control, and heightened visibility of company spending.
The Airwallex Borderless Visa cards are tightly integrated with Airwallex’s Expense Management offering, enabling teams to upload receipts, submit expense reports, and send through approval flows, giving businesses a unified view of expenses across all currencies and accounts. Over the coming months, Airwallex plans on expanding the Airwallex Borderless Card functionality, including the addition of Apple Pay and Google Pay, and the availability of physical multi-currency payment cards for business owners and their employees.
Since officially entering the Canadian market in April 2023, Airwallex has steadily expanded its presence in Canada and across the Americas, including entry to Mexico with the planned acquisition of MexPago. Founded in 2015 in Melbourne, Australia, Airwallex is one of the fastest-growing payments and financial infrastructure companies in the world. The company operates across 20 locations globally, employs over 1,400 people, and plans to hire an additional 300 people in 2024.
*The Airwallex Borderless Card is issued by Peoples Trust Company pursuant to license by Visa Int. Trademark of Visa International Service Association and used under license by Peoples Trust Company.
** At the moment, we do not offer our products and services in Quebec. Therefore, we cannot accept your application if your business address is in Quebec. If you need additional help, please contact support.
About Airwallex
Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit http://www.airwallex.com.