Airwallex, a global payments company valued at $8 billion, is expanding into in-person transactions with a new point-of-sale system. The product allows businesses to accept card payments across multiple countries using a single platform. According to the company, the system integrates with existing hardware and supports various payment methods, including contactless and mobile wallets.
The move marks Airwallex’s first major push into the physical retail space, where it will compete directly with established players like Stripe and Adyen. Chief Executive Officer Jack Zhang confirmed the launch in an interview, stating that the company aims to simplify cross-border payments for merchants. "Businesses need a seamless way to handle payments whether online or in-store," Zhang said. "Our new POS system removes the complexity of managing multiple providers."
The product will initially launch in the United States, United Kingdom, Australia, and Singapore, with plans to expand to other markets later this year. Airwallex has not disclosed pricing details but claims the system will offer competitive rates compared to traditional providers.
Industry analysts note that the physical payments sector remains dominated by legacy providers, but digital-first companies are increasingly targeting this space. A recent report from McKinsey highlighted a growing demand for integrated payment solutions that work across channels.
Source: techcrunch.com