HSBC Group has joined forces with Visa to enhance its international payments app, Zing, offering users the capability to manage funds across multiple currencies and conduct transactions in over 200 countries and territories through a unified app and smart multi-currency card. Launched successfully in the UK in January 2024, Zing plans to extend its services to additional global markets soon.
Through collaboration with Visa, Zing streamlined its operations by leveraging a comprehensive technological platform. This partnership facilitated the integration of a multi-currency wallet, powered by Currencycloud technology, and diverse top-up methods like ‘quick bank transfer’ enabled by Open Banking solutions from Tink – both integral components of Visa’s ecosystem. In the UK, Zing now provides a spectrum of digital services including cost-effective currency exchange, robust financial management tools, instant transactions, real-time exchange rates, and person-to-person (P2P) payments, all seamlessly linked to Visa cards.
Currencycloud and Tink expedited Zing’s time-to-market by incorporating readily available solutions into its core infrastructure, reducing development timelines and operational costs significantly.
Zing officials emphasized that their app challenges the outdated narrative of traditional financial services versus fintechs. They highlighted Zing’s intuitive, swift, and transparent functionalities, enriched by HSBC’s 150 years of global financial expertise. Collaborating closely with Visa, Zing aims to meet the global demand for user-friendly, secure, and reliable financial solutions that facilitate international lifestyles.
Visa representatives underscored the importance of simplifying global financial transactions in today’s interconnected world, comparing the ease of money movement to sending a text message. They noted persistent challenges such as manual processes, high fees, and reliance on cash for cross-border transactions, highlighting the need for streamlined solutions. By integrating Tink and Currencycloud technologies alongside Visa’s comprehensive suite of services and brand credibility, the partnership swiftly delivered an enhanced financial platform.
The new global agreement between Visa and HSBC empowers Zing to introduce enhanced features, support additional currencies, and expand into new international markets in the coming years, further solidifying its position as a leading provider of global financial services.
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