Global payment firm Visa and banker HSBC have on Tuesday announced the technological collaboration in support of HSBC Group’s new international payments app, Zing.

The duo said in a statement that 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 United Kingdom 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 United Kingdom 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.

It is noted that 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.

“Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative really is,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,” said James Allan, Chief Executive Officer and Founder at Zing.

“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,” he added.

Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa, said that in today’s connected world, consumers should be able to move money as simply and routinely as sending a text message.

Yet, he said 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,” he added.

According to the statement, the new global agreement between Visa and HSBC allows Zing to roll out new features, currencies, and to more international markets in the future.

Zing is a new international money fintech, part of the HSBC Group, to enable users converting, holding, spending, and sending international currencies.

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. The bank has assets of $3.02 trillion at 30 September 2023.

The bank serves customers worldwide from offices in 62 countries and territories.

Visa, on the other hand, is a global digital payments firm facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.

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