Visa and HSBC have announced the technological collaboration in support of HSBC Group’s new international payments app, Zing.
Zing enables users to hold funds in over 10 different currencies, send over 30 currencies, transact in over 200 countries and territories worldwide, all managed through a single app and smart multi-currency card.
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Zing launched in the UK in January 2024 and will expand to additional markets in the near future
Due to the cooperation with Visa, Zing was able to have a single point of contact for the entire project that delivered a multi-currency wallet courtesy of Currencycloud technology, and multiple methods to top-up an account including ‘quick bank transfer’, thanks to open banking technology delivered by Tink, both Visa solutions.
In addition, thanks to Visa technology, Zing offers internationally-minded consumers in the UK a range of digital services including very low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates and person-to-person (P2P) payments, all linked to a Visa card.
RBI has reported on Zing before, with Yerbol Orynbayev, an independent financial services consultant and former Deputy Prime Minister of Kazakhstan, explaining why all retail banks should copy HSBC’s Zing
Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa, said: “In today’s connected world, consumers should be able to move money as simply and routinely as sending a text message. Yet, in many cases, consumers still rely on manual, paper-based processes, high fees and cash to send and receive money across borders. Our partners and customers, and more importantly, their customers, want simplicity. By combining the benefits of Tink and Currencycloud with the wider Visa solutions and brand, we have delivered a great solution in double-quick time.”
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By GlobalDataThe new global agreement between Visa and HSBC allows Zing to roll out new features, currencies, and to more international markets in the future.
