HSBC & Visa unveil Zing money app for global transactions

HSBC has partnered with Visa to develop the international money app, Zing. This application allows members to hold funds in up to ten different currencies, send over thirty currencies, and transact in more than 200 countries and territories globally. The app, leveraging Visa technology, recently launched to UK members with diverse international money management needs.

This collaboration between Visa and HSBC has provided a comprehensive solution for international financial transactions. Zing utilises Visa's technology to offer a multi-currency wallet powered by Currencycloud. Additional methods for account top-ups, including quick bank transfers enabled by Tink's open banking technology, are also part of the offering.

Thanks to the integration with Visa's systems, Zing provides UK-based consumers focusing on international transactions with a suite of digital services. These include low-cost and transparent currency exchange, financial management tools, instant collections, real-time exchange rates, and person-to-person (P2P) payments, all of which are linked to a Visa card.

James Allan, CEO and Founder of Zing, commented on the collaboration stating, "Zing shows how outdated the legacy financial services versus fintechs narrative really is.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." He added, "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, also elaborated on the collaboration's significance. "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," Elkiner said. He further commented, "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 partnership between Visa and HSBC facilitates Zing's international expansion and allows the app to offer new features and support additional currencies in the future.