Visa (NYSE:V) and HSBC (LON:HSBA) today announced a technology partnership to support HSBC Group’s new international payments application, Zing.
Zing allows users to hold funds in more than 10 different currencies, send more than 30 currencies, transact in more than 200 countries and territories around the world, all managed through a single app and multi-currency smart card. The app successfully launched in the UK in January 2024 and will expand to additional markets in the near future.
Thanks to the partnership with Visa, Zing was able to have a single point of contact for the entire project that provided a multi-currency wallet thanks to Currencyclloud technology and multiple methods to top up an account including “quick bank transfer”, thanks to opening the banking technology provided by Tink – both Visa solutions. In addition, thanks to Visa technology, Zing offers internationally minded UK consumers a range of digital services, including very low-cost and transparent currency exchange, financial management, instant collections, real-time and person-to-person exchange rates ( P2P) payments, all linked to a Visa card.
Currencycloud and Tink enabled speed to market for the Zing team by providing ready-made solutions to add to Zing’s core infrastructure, saving development time and the costs associated with building and maintaining their own solutions.
“In today’s connected world, consumers should be able to move money as simply and regularly as sending a text message. However, in many cases, consumers still rely on manual processes, paper, high fees and cash to send and receive money across borders,” said Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa. “Our partners and customers, and more importantly, their customers, want simplicity. By combining the strengths of Tink and Currencyclloud with Visa’s broader solutions and brand, we have delivered a great solution at twice the speed.”
The new global agreement between Visa and HSBC allows Zing to develop new features, currencies and in more international markets in the future.