HSBC Partnered with Visa to Develop Zing International Money App
Visa (NYSE: V) and HSBC announced a collaboration to support the new HSBC international payments app, Zing. Leveraging Visa technology, Zing allows users to hold funds in over 10 currencies, send money in over 30 currencies, and transact in more than 200 countries. The app launched in the UK in January 2024 and will expand to additional markets. Zing incorporates Currencycloud and Tink technology, enabling quick bank transfers, real-time exchange rates, and P2P payments, all linked to a Visa card.
This collaboration aims to provide a secure, low-cost, and transparent financial service, revolutionizing international transactions for consumers.
- Zing app allows users to hold funds in over 10 currencies and send money in over 30 currencies.
- Zing launched in the UK in January 2024 and will expand to other markets.
- Integration with Currencycloud and Tink technology for quick bank transfers and real-time exchange rates.
- Collaboration with Visa offers low-cost and transparent currency exchange and P2P payments.
- None.
Insights
The partnership between HSBC and Visa to develop the Zing app represents a significant development in the financial technology space. The app’s ability to handle multiple currencies and facilitate transactions across numerous countries hints at a strategic move to capture a growing market of globally-minded consumers.
Short-term impact: The launch of Zing in the UK could help HSBC gain market share within the international money transfer market. The feature-rich nature of the app, backed by Visa’s technology, positions it as a strong competitor against other fintech solutions. This could potentially lead to a positive impact on HSBC's user acquisition and transaction volumes in the near term.
Long-term impact: The scalability of the Zing app, with plans to expand to more markets, suggests a long-term growth strategy. This move could diversify HSBC’s revenue streams and reduce dependency on traditional banking operations. Moreover, the collaboration with Visa signifies a shift towards leveraging established fintech solutions to expedite product development, which can lead to cost efficiencies and quicker market roll-outs.
However, a potential drawback could be the increased competition from other established fintech companies and traditional banks with similar offerings. The success of the app will largely depend on its ability to deliver consistent and reliable service across different regions.
The introduction of the Zing app by HSBC, in collaboration with Visa, highlights an evolving trend in the financial services industry where legacy banks are adopting fintech solutions to stay competitive. This strategic move is aligned with the increasing demand for convenient, low-cost and transparent international financial services, especially among consumers who frequently travel or conduct business internationally.
Consumer behavior trends: The app’s features cater to a niche yet rapidly growing segment of consumers who require multi-currency management and international transaction capabilities. As these consumers become more integrated into the global economy, products like Zing will likely see increased adoption, driving growth for HSBC in a highly competitive market.
Industry norms: Traditionally, international money transfers have been plagued by high fees and slow processing times. Zing’s promise of low-cost and transparent currency exchange could set a new standard in the industry, pushing traditional banks to innovate and reduce costs. This could inspire further collaborations between banks and fintech companies, leading to more consumer-centric financial products.
The key challenge will be to maintain competitive pricing and high service quality as the app scales into new markets, while also navigating regulatory complexities across different jurisdictions.
- Zing members are able to hold funds in up to 10 different currencies, send over 30 currencies, and transact in more than 200 countries and territories worldwide
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Zing leverages Visa technology to empower
UK members with international money needs
Thanks to the cooperation with Visa, Zing was able to have a single point of contact for the entire project that delivered a multi-currency wallet courtesy of Currencycloud technology, and multiple methods to top-up an account including ‘quick bank transfer’, thanks to open banking technology delivered by Tink – both Visa solutions. In addition, thanks to Visa technology, Zing offers internationally minded consumers in the
Currencycloud and Tink enabled speed-to-market for the Zing team by providing ready-made solutions to be added to Zing’s core infrastructure, saving on development time and the costs associated with building and maintaining their own solutions. “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. “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.”
“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,” 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 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 allows Zing to roll out new features, currencies, and to more international markets in the future.
For more information on Zing, please visit https://zing.me/
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
Learn more at Visa.com.
About Zing
Zing is a new international money fintech, part of the HSBC Group, with the mission to enable anyone to live their best international lives by making converting, holding, spending, and sending international currencies easy and worry-free.
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240709015120/en/
Matt Rowntree, Head of Communications Visa Cross-Border Solutions, mrowntre@visa.com
Source: Visa Inc.
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