Airwallex is expanding into the world of in-person payments with a new point-of-sale product that allows businesses to accept cross-border payments through a single platform. This move deepens its competition with Stripe and positions it as a direct challenger to Square and Adyen in the last major battleground for fintech companies.

CEO Jack Zhang founded Airwallex after being frustrated by international payment friction, but his approach has been markedly different from his competitors. He spent years building out his own infrastructure rather than relying on existing networks, which now includes a license in Japan – no small feat as it took seven years to secure.

For businesses looking to expand internationally, Airwallex’s new product streamlines the payment process by allowing them to operate across borders without managing multiple local vendors. The startup is investing $1 billion over the next decade to support its growth in North America and Europe, making it a significant player in this space.

The competition from Airwallex could be tough for Stripe and Square, as they lack the ability to hold funds locally – something that Airwallex’s license enables. However, whether businesses will switch to Airwallex remains to be seen; traditional players with established relationships may not easily move away from them.

Despite the challenges, Zhang is optimistic. 'There hasn’t been a real competition to Stripe in 15 years,' he says, signaling that Airwallex is set to shake things up in the global payments industry.