HSBC Group has partnered with Visa to launch Zing, its new global payments app. The British financial services company said leveraging Visa’s tech solutions would simplify sending and receiving money across borders. HSBC will tap into its new partner’s cutting-edge ‘Tink’ and ‘Currencycloud’ services to power its payment solutions on Zing.
HSBC Partners with Visa to Develop Money Transfer App, Zing
The app launched in the UK earlier this year with a mission to offer international payments with no transfer fees. Zing allows users to complete transactions in 200 markets, send 30+ currencies, and hold 20+ currencies with just one app and card. The real-time conversion rates also enhance the value of users’ wallets.
HSBC will now lean on Visa’s Currencycloud technology to deliver a feature-rich multicurrency solution and use Tink open banking technology for ultra-fast bank transfers. Zing has been built with ease of use and speed in mind.
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Visa executive Serge Elkiner believes moving money across borders should be as easy as “sending a text message”. He added:
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.
HSBC has worked closely with Visa to build the right money transfer solution for its customers, a fruitful partnership that allowed Zing to be created in “double-quick time”. Zing CEO James Allan hailed the app as a “new kind of international payments solution” following its launch in the UK earlier this year. It is expected to expand overseas into additional markets in the coming months.
