Airwallex, an Australia-based fintech company, recently announced it has launched a new payment acceptance service in Australia, Hong Kong, and Singapore with WeChat Pay. The company reported that the service is allowing merchants to add WeChat Pay as an additional payment option on the e-commerce platform. This service will also provide merchants global access to over 800 million Chinese consumers on WeChat Pay, enabling them to tap into a key Asian marketplace of active shoppers.
“Airwallex’s WeChat Pay solution is designed to ensure smooth and fast flows of funds from buyers to the merchants. Payments made by the buyers in Chinese Yuan or Hong Kong Dollar (for Hong Kong users) are received by Airwallex and converted to the merchants’ currency of choice within two business days.”
Airwallex also noted that through its platform, merchants may view, track, and manage their WeChat Pay transactions, download settlement reports, as well as issue refunds to deliver a seamless customer experience. Dave Stein, Airwallex’s Head of Corporate Development in Australia, stated:
“With our new WeChat Pay solution, we are enabling merchants to adapt in today’s climate and also helping them open the doors to one of the largest and most active consumer markets in this world.”
Stein then concluded that by adding a payment acceptance solution to the Airwallex product portfolio is an important next step to enhancing our end-to-end financial services solutions.
As previously reported, Airwallex was founded in 2015 and is described as a foreign exchange market that makes and crosses border payments on Asia-Pacific markets. The company facilitates international money transfers through a combination of payment collection, foreign exchange, and local payment distribution. The company recently secured $160 million through its Series D funding round from various investors, such as ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures. The latest funding brings Airwallex’s total equity raised to $360 million.