Fintech firm Airwallex has launched its online card payment acceptance solution in Hong Kong, allowing local merchants to accept online card payments from around the world using Visa and Mastercard on a single platform.

E-commerce sales in the territory are forecast to grow 11.1% this year, with the uptrend expected to continue beyond the Covid-19 pandemic, driven by increasing demand for payment options that can provide improved security, greater efficiency and more customized solutions. The development of the Greater Bay Area will also present vast opportunities for growth in cross-border payments over the coming years.

The online card payment solution enables Hong Kong merchants to receive online payments from users of Visa and Mastercard anywhere in the world, and allows for them to optimize working capital flow. More than 120 currencies are accepted on the Visa and Mastercard networks.

The service allows merchants to directly receive the funds in multiple currencies in their Airwallex accounts without additional costs. Further exchange with other currencies is possible at the mid-market rate with a small margin, as well as repatriating funds back to home markets at a very low fee.

Airwallex says the solution, which debuted in Europe in September 2020, is a further step towards building its own global, cloud-based online payments platform.

Founded in 2015 in Melbourne and headquartered in Hong Kong, the fintech firm is supported by a team of over 650 employees across 13 global offices. Earlier in March, Airwallex announced an extended Series D funding round, raising its total amount of equity funds to over US$500 million and nearly tripling its valuation to US$2.6 billion in just two years.