Tuesday, 16 July 2024
HSBC and Visa partner for Zing money app
Visa and HSBC 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. The app successfully launched in the U.K. in January 2024 and will expand to additional markets in the near future.
With Visa's cooperation, Zing benefited from a single point of contact for the entire project, delivering a multi-currency wallet using Currencycloud technology and multiple account top-up methods like 'quick bank transfer' through Tink's open banking technology — both Visa solutions. Additionally, Visa's technology enables Zing to provide internationally-minded consumers in the UK with a range of digital services, including low-cost currency exchange, transparent financial management, instant collections, real-time exchange rates, and person-to-person (P2P) payments, all linked to a Visa card.
Currencycloud and Tink enabled speed-to-market for the Zing team by providing ready-made solutions to be added to Zing’s core infrastructure, saving on development time and costs associated with building and maintaining their solutions.
James Allan, CEO and founder at Zing said: “Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative is. The reality is that you don’t have to choose; Zing is as intuitive, quick, and transparent as anything to come out of the fintech boom – but with the benefits of 150 years of international finance experience as part of the HSBC Group.”
Allam said “We shared a clear vision with our partners at Visa – that people all across the globe want easy-to-use, secure, and trustworthy financial products that enable them to live their best international lives. Zing delivers on that promise, and we look forward to building on this partnership in the future.”
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.”
He added: “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.”
The new global agreement between Visa and HSBC allows Zing to roll out new features, currencies, and to more international markets in the future.
Re-disseminated by The Asian Banker
