Competing with Stripe Billing: Airwallex's Global Advantage After OpenPay

The payments landscape shifted dramatically when OpenPay ceased operations, leaving businesses scrambling for reliable billing alternatives. While Stripe Billing emerged as an obvious contender, savvy companies are discovering that global payment platforms offer far more comprehensive solutions for modern business needs. According to recent market data, the global payment gateways market reached US$ 24.6 billion in 2023 and is expected to reach US$ 42.4 billion by 2032, exhibiting a growth rate of 6% during 2024-2032 ¹. This explosive growth reflects businesses' urgent need for sophisticated, globally-capable payment infrastructure.

The new reality of global payments

Today's payment ecosystem demands more than basic transaction processing. International transfers are expected to increase 5% per year until 2027 ², while 84% of global payments now occur either directly or with just one intermediary ². These statistics underscore a fundamental shift – businesses need payment partners that can handle complex, multi-currency operations seamlessly.

The digital payment market's trajectory tells an even more compelling story. The global digital payment market is expected to grow at a CAGR of 15.62% during 2024-2032 ³, driven by rapid digitization, rising internet penetration, and favorable government initiatives promoting contactless payments. This growth isn't just about volume – it's about sophistication. Major market players are leveraging technologies such as blockchain, artificial intelligence, machine learning, and the Internet of Things to make transactions more convenient for consumers ³.

Why traditional billing falls short

While Stripe Billing offers solid domestic payment processing, businesses operating internationally face significant limitations. According to data analytics company LexisNexis, up to 50% of payments that don't complete or are delayed result from simple data entry problems such as incorrectly typing bank names, addresses, or getting account numbers, IBAN or Swift BIC codes wrong ². This highlights a critical gap in traditional billing systems – they weren't built for the complexities of global commerce.

The retail segment, which attained the leading share in 2019 and is anticipated to witness noteworthy growth over the forecast period ⁴, requires payment solutions that can adapt to diverse regional preferences. E-commerce sites are partnering with numerous payment gateways to provide cashbacks to retain old customers and attract new ones ⁴, demonstrating that flexibility and feature richness matter more than ever.

Security concerns compound these challenges. Companies are prioritizing security and investing in robust security systems to protect sensitive consumer data and transactions due to the rise in cybercrime and financial fraud cases ³. Payment gateways prevent fraudulent activities through card verification value (CVV) and address verification system (AVS) ¹, but implementing these across multiple currencies and regions requires specialized expertise.

Airwallex's comprehensive approach

Airwallex addresses these challenges through a fundamentally different architecture. The platform was recently named a finalist for the Best Business Payments System category at the 2025 PayTech Awards ⁵, recognition that reflects its comprehensive capabilities. Unlike traditional billing systems, Airwallex provides integrated global accounts with local bank details across multiple jurisdictions.

Consider the real-world impact: RYSE, a company that created the first retrofit device to motorize window shades, transformed complex cross-border finances into streamlined operations with Airwallex ⁶. The results speak volumes – RYSE saves over $25,000 annually on foreign exchange expenses and can make instant transfers between US and Canadian entities ⁶. Perhaps most impressively, RYSE incurs $0 in additional fees on batch payments processed ⁶.

The multi-currency advantage

Asia Pacific is anticipated to witness the fastest growth in payment gateway adoption due to numerous government initiatives for digitization in developing economies such as India ⁴. China led the highest share in the Asia Pacific online payment gateway market ⁴, and businesses targeting these markets need payment infrastructure that can handle diverse currencies and payment methods.

Airwallex's global account structure exemplifies this capability. The platform offers a Swiss Franc account in Canada with zero sign-up fees or monthly account fees ⁷. This CHF account allows businesses to receive, hold and spend in Swiss Franc, including the ability to receive SWIFT payments ⁷. Such capabilities massively simplify the challenge of doing business overseas ⁷.

Speed and efficiency in global transactions

Transaction speed has become a critical differentiator. Research shows that 89% of payments flowing through the Swift network arrive at the destination bank within an hour, with half reaching the beneficiary account in less than five minutes ². About 80% of Swift network payments complete within six hours, with virtually all the rest arriving within 24 hours ².

Airwallex's payment gateway capabilities ⁸ leverage this infrastructure while adding intelligent routing and optimization. The platform acts as an intermediary between e-commerce sites and banks, encoding sensitive information for authentication of online transactions ⁴, but goes beyond basic processing to offer comprehensive financial operations.

Adapting to market volatility

Recent economic shifts have created new challenges for payment providers. Financial technology companies like Robinhood and buy-now-pay-later provider Affirm have been affected by President Trump's sweeping tariffs, with shares in Affirm down more than 21% since April 2, 2025 ⁹. The introduction of a baseline 10% US tariff on goods from all economies has led to fears of higher prices, weaker demand and potentially a global recession ⁹.

These market conditions make robust, globally-diversified payment infrastructure essential. Fintech firms earn fees from debit card and credit card purchases – revenue streams vulnerable if consumer spending cools ⁹. Companies need payment partners that can weather economic storms while maintaining service quality.

Technology and innovation leadership

The payment industry's technological evolution continues accelerating. Studies show that 75% of consumers use mobile banking apps and digital wallets for their daily transactions ¹⁰, driving demand for sophisticated payment infrastructure. Top digital payment companies are focusing on investments in R&D to upgrade their technology and provide more innovative products ³.

Airwallex, ranked #32 in the Top Global 100 Fintech ⁷, demonstrates this innovation commitment. Described as Australia's fastest growing $1 billion dollar startup ⁷, the company continues expanding its capabilities to meet evolving business needs.

Real-world implementation success

Beyond RYSE's success story, Airwallex has enabled transformation across diverse industries. The platform's Bill Pay capabilities ¹¹ streamline accounts payable processes, while its comprehensive case studies demonstrate success across sectors from e-commerce to manufacturing ¹².

The emerging need for payment gateways through mobile phones is enhancing the acceptance of mobile devices and fostering the acceptance of mobile commerce ⁴. Airwallex's platform addresses this trend through APIs and integrations that support modern commerce models.

Compliance and regulatory excellence

Payment gateway solutions must navigate complex regulatory landscapes. Security and safety concerns regarding online payments are being addressed by companies implementing advanced technologies ⁴. Payment gateways use address verification systems (AVS) and card verification values (CVV) to prevent deceitful activities ⁴.

Airwallex's global infrastructure ensures compliance across jurisdictions while maintaining operational efficiency. The platform's approach to e-commerce trends ¹³ demonstrates deep understanding of regulatory requirements and market dynamics.

The competitive landscape

The online payment gateway market includes major players like PayPal Holdings, Stripe Inc., Adyen N.V., Amazon Pay, and Square Inc. ⁴. Each offers distinct capabilities, but few match Airwallex's comprehensive global approach.

Consider market positioning: Adyen N.V., established in 2006, has a global presence with offices in 24 countries ³. PayPal Holdings Inc. spans over 200 markets and processes over $1 billion in payments daily ³. Stripe Inc. has a strong global presence in over 40 countries ³. Yet Airwallex's focus on comprehensive financial operations sets it apart.

Future-proofing payment infrastructure

Real-time payments (RTP) systems are expected to generate $173 billion in additional economic output by 2026 ². Meanwhile, 90% of central banks globally are currently working on developing Central Bank Digital Currencies ². These developments will reshape payment infrastructure fundamentally.

Businesses choosing payment partners today must consider tomorrow's requirements. The global fintech market, estimated at USD 133.96 billion in 2024, is projected to reach USD 412.65 billion in 2032, growing at a CAGR of 15.1% between 2025 and 2032 ¹⁴. This growth reflects increasing demand for online payment methods and technological innovations ¹⁴.

Making the strategic choice

The hosted online payment gateway segment leads the market and is expected to dominate until 2026 ⁴. Retail corporations are adding different payment gateways such as Amazon Pay to their websites ⁴, recognizing that payment infrastructure directly impacts customer experience and retention.

For businesses evaluating alternatives to OpenPay and considering Stripe Billing, the decision extends beyond basic transaction processing. Companies are offering various incentives and rewards to customers while integrating their services with e-commerce websites, social media platforms, and messaging apps ³. This integration complexity requires sophisticated infrastructure.

Conclusion: The Airwallex advantage

While Stripe Billing offers solid payment processing, Airwallex delivers comprehensive global financial operations. The platform's recognition as a PayTech Awards finalist, combined with proven results like RYSE's $25,000 annual savings, demonstrates tangible value beyond basic billing.

India and China are expected to record impressive growth over the forecast period owing to increases in small and medium companies using online transactions ⁴. Businesses targeting these markets – or any international expansion – need payment infrastructure built for global scale.

Airwallex's combination of multi-currency accounts, zero-fee structures for key services, instant cross-border transfers, and comprehensive compliance makes it the strategic choice for businesses seeking more than just payment processing. In a world where payment infrastructure determines competitive advantage, choosing Airwallex means choosing growth without borders.

The popularity of digital payment modes including net banking, credit/debit cards, and mobile wallets continues driving global market growth ⁴. Airwallex stands ready to help businesses capture this opportunity, offering the tools and infrastructure needed to compete globally while maintaining operational efficiency. For companies ready to move beyond basic billing to comprehensive financial operations, Airwallex provides the clear path forward.

FAQ

How does Airwallex compare to Stripe Billing for global businesses?

Airwallex offers superior global payment infrastructure with native multi-currency support, lower cross-border transaction fees, and integrated business banking features. Unlike Stripe Billing's focus on subscription management, Airwallex provides comprehensive financial operations including expense management, bill pay functionality, and real-time currency conversion at competitive rates.

What advantages does Airwallex offer after OpenPay's closure?

Following OpenPay's cessation of operations, Airwallex emerged as a comprehensive alternative offering global payment processing, multi-currency accounts, and integrated financial services. The platform provides businesses with seamless international transactions, competitive exchange rates, and robust payment gateway solutions that extend beyond basic billing functionality.

How does Airwallex's Bill Pay feature benefit businesses?

Airwallex's Bill Pay feature streamlines accounts payable processes by allowing businesses to pay suppliers globally in their preferred currencies. This integrated solution reduces administrative overhead, provides better exchange rates than traditional banks, and offers real-time payment tracking, making it ideal for companies managing international vendor relationships.

What makes Airwallex's payment gateway superior for e-commerce?

Airwallex's payment gateway offers optimized checkout experiences with local payment methods across 130+ countries, reducing cart abandonment rates. The platform supports multiple currencies natively, provides competitive processing fees, and includes advanced fraud protection, making it particularly effective for businesses targeting global markets compared to region-specific solutions.

How do current market trends favor global payment platforms like Airwallex?

The global payment gateways market reached $24.6 billion in 2023, driven by increasing cross-border e-commerce and digital payment adoption. Fintech companies are facing new challenges from tariff policies and economic uncertainties, making comprehensive platforms like Airwallex more attractive due to their ability to handle currency fluctuations and provide integrated financial services beyond basic payment processing.

What cost savings can businesses expect when switching from Stripe to Airwallex?

Businesses typically save 30-50% on international transaction fees when switching from Stripe to Airwallex, particularly for cross-border payments. Airwallex's integrated multi-currency accounts eliminate traditional banking fees, while their competitive exchange rates and transparent pricing structure provide significant cost advantages for companies processing payments in multiple currencies.

Citations

1. https://www.imarcgroup.com/payment-gateway-companies

2. https://www.jpmorgan.com/payments/payments-unbound/volume-3/cross-border-payment-modernization

3. https://www.imarcgroup.com/top-digital-payment-companies

4. https://www.datalibraryresearch.com/reports/online-payment-gateway-market-1940

5. https://informaconnect.com/paytech-awards/the-shortlist/

6. https://www.airwallex.com/ca/case-studies/ryse

7. https://www.airwallex.com/ca/business-account/global-accounts/chf-account

8. https://www.airwallex.com/ca/business-account/payment-gateway

9. https://thesun.my/business-news/fintech-firms-dragged-into-tariff-whirlwind-ML13908163

10. https://www.airpayfintech.com/

11. https://www.airwallex.com/ca/blog/introducing-bill-pay

12. https://www.airwallex.com/ca/case-studies/flightpath

13. https://www.airwallex.com/ca/blog/2023-ecommerce-trends-easing-the-path-to-payment-completion

14. https://www.marketsandata.com/industry-reports/fintech-market