Airwallex enters in-person payments, rivals Stripe

Australian fintech Airwallex has launched a new point-of-sale product, marking its entry into the in-person payments sector. This strategic move escalates competition with industry giants such as Stripe, Square, and Adyen. The new offering allows businesses to accept payments in multiple countries through a single, unified platform, eliminating the need for local vendor onboarding in each market.

Founded in 2015, Airwallex has built its own global payment infrastructure over the past decade. The company, now valued at $8 billion, boasts approximately $1.3 billion in annualized revenue, with an impressive annual growth rate of about 85%. It holds nearly 90 regulatory licenses and direct connections to local payment networks in over 120 countries, enabling it to hold and settle funds within local markets.

CEO Jack Zhang highlighted that unlike competitors such as Stripe and Square, Airwallex's licenses, including a seven-year-old Japanese license, permit holding funds locally. This capability extends to its new in-store product, which integrates physical and online payments with unified reporting. Airwallex is committing $1 billion to its U.S. operations through 2029, betting that multinational companies weary of managing fragmented payment vendors will adopt its consolidated solution.