Visa (NYSE:V) and HSBC (LON:HSBA) today 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.
Thanks 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 U.K. 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.
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 the costs associated with building and maintaining their own solutions.
“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,” said Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa. “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.
