Visa and HSBC have teamed up to develop Zing, an international payments app that gives users the ability to hold money in over ten different currencies, send money in over 30 currencies, and transact in over 200 countries and territories. Launched in the UK in January 2024, Zing Aims to simplify international money management through a single app and multi-currency smart card, with plans to expand into additional markets soon.
Zing uses Visa technology to provide a seamless experience for its users. The app integrates a multi-currency wallet through Currencycloud technology and offers different ways to top up accounts, including “fast bank transfer” via Tink, both Visa solutions. These technologies enable Zing to offer low-cost and transparent currency exchange, financial management tools, instant collection, real-time exchange rates, and person-to-person (P2P) payments, all linked to a Visa card.
The collaboration with Currencycloud and Tink has allowed Zing to launch quickly by integrating off-the-shelf solutions into its core infrastructure, reducing development time and costs. “Zing shows how outdated the narrative of ‘traditional financial services versus fintech’ is,” said James Allan, CEO and founder of Zing. “The truth is, you don’t have to choose; Zing is as intuitive, fast and transparent as anything to come out of the fintech boom – but with the benefits of 150 years of international financial expertise as part of the HSBC Group.”
Serge Elkiner, Visa’s global head of product and money movement solutions, emphasized the need for simplicity in moving money globally. “In today’s connected world, consumers should be able to move money as simply and routinely as sending a text message. Yet in too many cases, consumers still rely on manual, paper-based processes, high fees, and cash to send and receive money across borders. By combining the benefits of Tink and CurrentCloud with Visa’s broader solutions and brand, we have delivered a great solution in a very short time.”
The new global agreement between Visa and HSBC will allow Zing to introduce new features and currencies and expand into more international markets in the future, further enhancing the app’s capabilities and reach.
Image: Zing.me
