Visa and HSBC have partnered to develop the Zing international payments app, offering users the ability to hold funds in over ten different currencies, send money in more than 30 currencies, and transact in over 200 countries and territories. Launched in the U.K. in January 2024, Zing aims to simplify international money management through a single app and smart multi-currency card, with plans to expand to additional markets soon.
Zing utilizes Visa technology to provide a seamless experience for its users. The app integrates a multi-currency wallet through Currencycloud technology and offers various methods to top-up accounts, including ‘quick bank transfer’ via Tink, which are both Visa solutions. These technologies enable Zing to offer low-cost and transparent currency exchange, financial management tools, instant collections, real-time exchange rates, and person-to-person (P2P) payments, all linked to a Visa card.
The collaboration with Currencycloud and Tink allowed Zing to launch quickly by incorporating ready-made solutions into its core infrastructure, reducing development time and costs. “Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative really is.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, CEO and Founder at Zing.
Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa, highlighted the need for simplicity in global money movement. “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. 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 will allow Zing to introduce new features and currencies and expand to more international markets in the future, enhancing the app’s capabilities and reach.
Image: Zing.me
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