With this new development, WEX’s European travel customers will have the ability to issue and settle payments in 11 currencies, up from three currencies, through WEX Virtual Payments.
As a result of the expansion, WEX Europe will issue virtual credit cards in the Australian dollar, Danish krone, New Zealand dollar, Norwegian krone, Polish zloty, South African rand, Swedish krona, Swiss franc, along with the previous Euro, US dollar and British pound. In addition to companies headquartered in Europe, global companies with a European presence can also benefit from the offering.
WEX, through its subsidiary WEX Europe, is strategically expanding its international footprint as a virtual payments specialist to provide credit, prepaid and debit solutions in all major currencies.
Based on WEX commissioned research, the European travel industry is currently worth approximately EUR 345 billion, which indicates travel businesses’ focus on making international payments.
The company argued that the new expansion will “eliminate the risks of currency fluctuation, improves reconciliation in local currencies to ensure no variances, and makes any card network charges fully transparent.”
The multicurrency strategy will include additional feeatures over the coming months. Currently, WEX Virtual Payments are accepted in more than 200 countries and territories.
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