Visa and HSBC have teamed up to launch the Zing app, a platform that allows users to hold, send, and transact in multiple currencies. In a statement issued today (Tuesday), both companies said this collaboration seeks to modernize international money transfers.

A Unified App

Zing allows users to hold funds in over ten different currencies, send money in over 30 currencies, and transact across more than 200 countries and territories. This functionality is reportedly managed through a single app and a smart multi-currency card.

Launched in the UK in January 2024, Zing plans to expand to additional markets soon. Visa's technological support has been instrumental in the development of Zing. Currencycloud's technology enables a multi-currency wallet, while Tink's open banking technology facilitates quick bank transfers.

This integration reportedly allows Zing to offer low-cost, transparent currency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, real-time exchange rates, and P2P payments, all linked to a Visa card. The offering utilizes ready-made solutions from Currencycloud and Tink to enhance Zing.

Speaking about the partnership, Serge Elkiner, the Global Head of Product and Money Movement Solutions at Visa mentioned: "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."

"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."

Support for More Currencies

The collaboration between HSBC and Visa also ensures that Zing can continually roll out new features, support additional currencies, and expand to more international markets. This partnership promises to redefine how consumers manage and transfer money globally.

Meanwhile, a US federal judge recently delayed a $30 billion settlement by Visa and Mastercard with merchants. The matter involves allegations of overpriced swipe fees against the payment giants by the merchants. The settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, aimed at lowering and capping transaction fees, has faced opposition from major retail groups.

Judge Margo Brodie issued an order indicating skepticism towards finalizing the $30 billion agreement. This development comes after Visa and Mastercard's efforts to resolve a longstanding lawsuit dating back to 2005.