How Do Top Global Payment Providers Compare with Each Other? (Wise, Airwallex, Cadana)

In today’s global economy, companies are seeking payment partners that can provide cross-border transactions efficiently and at a low cost. With so many options available, choosing the right payment provider becomes crucial for minimizing transaction fees, speeding up payments, and mitigating risks.

In this article, we’ll compare three leading global payment providers—Wise, Airwallex, and Cadana—to help you understand their key differences and why Cadana stands out as a comprehensive solution for businesses with a focus on emerging markets.

1. Fees and Exchange Rates: Which Provider Offers the Best Value?

When managing global payments, the cost of transaction fees and foreign exchange (FX) rates can have a substantial impact on a business's bottom line, especially for companies dealing with high volumes of cross-border transactions. Choosing the wrong provider can lead to hidden fees and expensive FX markups that can erode profitability.

Cadana is built from the ground up to empower businesses operating in emerging markets like Africa, Asia, and Latin America. Cadana’s local payment network is uniquely designed to offer up to 50% savings on FX rates, compared to global providers like Wise and Airwallex. This cost advantage makes Cadana the clear choice for businesses making frequent payments in these regions. Additionally, Cadana’s AI-powered fraud prevention tools further enhance its value by providing a secure payment environment without the added service fees or complex pricing structures of its competitors.

Airwallex markets itself as a solution for businesses but introduces monthly fees for certain services. Though it boasts competitive FX rates, these savings are largely tied to higher transaction volumes and come at the cost of various service fees that can accumulate over time. This fee structure, combined with limited transparency in pricing for specific regions, particularly emerging markets, makes Airwallex a less attractive option for businesses looking to maximize cost savings in high-frequency, cross-border transactions.

Wise primarily caters to individuals and small businesses. It charges an upfront fee for international transfers and uses the real exchange rate. While this seems fair at first glance, the costs can add up for larger businesses that make frequent transactions across multiple markets. Additionally, Wise’s model isn’t designed to optimize savings for businesses operating in emerging markets, which can further limit its value for enterprises looking to scale.

Key takeaway: Cadana offers the best overall value for businesses operating in emerging markets, providing significant savings on FX rates and enhanced security features without hidden costs or unnecessary fees.

2. Payment Speed and Processing: Who Offers the Fastest Transfers?

Payment speed is another crucial factor, particularly for businesses managing payroll, vendor payments, or regular cross-border transactions.

Cadana outperforms both providers when it comes to payment speed, especially in emerging markets. With 87% of transactions processed in real-time, Cadana’s local network ensures that payments reach recipients’ accounts much faster than those processed through third-party networks used by Wise and Airwallex. Whether it’s paying contractors or transferring funds across borders, Cadana’s real-time payments make it the superior option for businesses requiring fast, reliable transfers in Africa, Asia, and Latin America.

Wise may provide fast transfers, but processing times can vary depending on the countries involved, the payment method, and the currencies being converted. While transfers between major currencies can be completed within a few hours to a day, payments to certain regions can take up to 2-3 days.

Airwallex offers faster payment processing for businesses, particularly in developed markets. Payments between business accounts are often completed instantly or within 24 hours. However, similar to Wise, payments to certain regions or currencies can face delays, especially in less established markets.

Key takeaway: For businesses focused on speed in emerging markets, Cadana is the clear winner with its real-time payment network. Wise and Airwallex offer competitive speeds but can’t match Cadana’s performance in these regions.

3. Global Reach and Coverage: How Far Can They Go?

One of the most important factors when choosing a payment provider is global reach. Businesses need a provider that can handle transactions seamlessly across multiple regions and currencies.

Airwallex, while providing services for businesses, suffers from a few key limitations. Its fee structure can become complicated and expensive for companies managing frequent payments, especially as hidden costs accumulate over time. Moreover, Airwallex’s focus on developed markets limits its effectiveness in emerging markets like Africa, Asia, and Latin America, where localized payment solutions and regulatory knowledge are crucial. The platform’s lack of in-depth local expertise in these regions can lead to delays and inefficiencies for businesses looking to operate or expand in these areas.

Wise is popular among individuals and small businesses but falls short when it comes to meeting the needs of larger enterprises. Its lack of scalability makes it less suitable for businesses managing high volumes of international payments. Additionally, Wise offers a limited set of features tailored primarily for consumer-level transactions, lacking the advanced tools needed to optimize costs and operations for global businesses. Its coverage is also narrower, with fewer countries supported than its competitors, making it less adaptable for companies operating in diverse regions.

Cadana, in contrast, addresses all these gaps by offering deep local expertise in emerging markets, ensuring businesses can operate smoothly and cost-effectively. With real-time payments, substantial FX savings, and AI-powered fraud prevention, Cadana offers a more comprehensive and tailored solution for businesses looking to expand globally, particularly in Africa, Asia, and Latin America.

Key takeaway: While Airwallex and Wise may seem advantageous for basic global payments, Cadana excels by providing market-specific solutions and substantial cost savings in emerging markets, making it the superior choice for businesses with global growth ambitions.

4. Additional Financial Services: More Than Just Payments

Today, global payment providers are offering more than just simple transfers. Businesses now require a range of value-added financial services to help them manage operations, reduce risks, and scale globally.

Cadana takes financial services to the next level with its multi-currency wallets, designed specifically for businesses operating in emerging markets. These wallets allow businesses to:

• Send and receive payments in multiple currencies.
• Spend online using virtual cards.
• Earn interest on account balances.
• Offer stock investment opportunities for employees.
• Manage invoices and taxes across multiple jurisdictions.

Cadana’s multi-currency wallets aren’t just about managing money—they empower businesses and employees alike by creating a pathway for wealth-building through features like stock investments and interest-bearing accounts. This makes Cadana a more holistic financial solution compared to Wise and Airwallex.

Wise primarily only focuses on its core strength: cross-border money transfers. While it offers multi-currency accounts for individuals and small businesses, it does not provide a wide range of business-specific financial tools beyond payments.

Airwallex goes a step further by offering multi-currency business accounts and corporate cards tools.

Key takeaway: For businesses looking for more than just payments, Cadana’s multi-currency wallets and advanced financial tools offer a more comprehensive solution than both Wise and Airwallex, especially in emerging markets.

Summary

If your business is expanding into Africa, Asia, or Latin America, Cadana offers the most comprehensive, tailored solution, combining local expertise, real-time payments, and advanced financial tools to help businesses thrive in these dynamic markets.