Insights

Visa and HSBC Partner for Multi-Currency Transaction Platform

Pat Crawley Pat Crawley Send an email
0 38 17 minutes read
visa-and-hsbc-partner-for-multi-currency-transaction-platform

Tuesday, 09/07/2024 | 14:25 GMT by Jared Kirui

  • The new platform supports holding funds in over ten currencies, sending money in over 30 currencies, and transacting in more than 200 countries.
  • Launched in the UK this year, the Zing app plans to expand to additional markets.

Visa

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 , 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 , 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.

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 , 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 , 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.

Jared Kirui

  • 1045 Articles
  • 11 Followers

Jared is an experienced financial journalist passionate about all things forex and CFDs.

  • 1045 Articles
  • 11 Followers

Finance Magnates Daily Update

Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.

Keep Reading

More from the Author

FinTech

Featured Videos

Discover Why Sydney is the Place to Be This August! 🏖️🌆 This August, Sydney hosts FMPS:24!

Discover Why Sydney is the Place to Be This August! 🏖️🌆 This August, Sydney hosts FMPS:24!

Discover Why Sydney is the Place to Be This August! 🏖️🌆 This August, Sydney hosts FMPS:24!

Discover Why Sydney is the Place to Be This August! 🏖️🌆 This August, Sydney hosts FMPS:24!

Discover Why Sydney is the Place to Be This August! 🏖️🌆 From perfect weather and vibrant festivals to stunning beaches and delicious cuisine, Sydney has it all. 🌞 Explore world-class cultural attractions and natural beauty. But that’s not all – this August, Sydney hosts FMPS:24, Australia’s premier financial event! 📈💼 Join industry leaders, network with professionals, and gain insights into the future of finance, all in the heart of this amazing city. Get Your FREE ticket now: https://bit.ly/4cQSiB1 Don’t miss out on the adventure, culture, and opportunities waiting for you in Sydney. 🌊🏙️ See you in Sydney this August! #fmps #fmps24 #fmevents #NetworkingBlitz #IndustryEvent #FinanceSummit hashtag#Fintech #Networking #AsiaPacific #VisitSydney #Sydney2024 #FMPS24 #TravelAustralia #SydneyEvents

Discover Why Sydney is the Place to Be This August! 🏖️🌆 From perfect weather and vibrant festivals to stunning beaches and delicious cuisine, Sydney has it all. 🌞 Explore world-class cultural attractions and natural beauty. But that’s not all – this August, Sydney hosts FMPS:24, Australia’s premier financial event! 📈💼 Join industry leaders, network with professionals, and gain insights into the future of finance, all in the heart of this amazing city. Get Your FREE ticket now: https://bit.ly/4cQSiB1 Don’t miss out on the adventure, culture, and opportunities waiting for you in Sydney. 🌊🏙️ See you in Sydney this August! #fmps #fmps24 #fmevents #NetworkingBlitz #IndustryEvent #FinanceSummit hashtag#Fintech #Networking #AsiaPacific #VisitSydney #Sydney2024 #FMPS24 #TravelAustralia #SydneyEvents

Discover Why Sydney is the Place to Be This August! 🏖️🌆 From perfect weather and vibrant festivals to stunning beaches and delicious cuisine, Sydney has it all. 🌞 Explore world-class cultural attractions and natural beauty. But that’s not all – this August, Sydney hosts FMPS:24, Australia’s premier financial event! 📈💼 Join industry leaders, network with professionals, and gain insights into the future of finance, all in the heart of this amazing city. Get Your FREE ticket now: https://bit.ly/4cQSiB1 Don’t miss out on the adventure, culture, and opportunities waiting for you in Sydney. 🌊🏙️ See you in Sydney this August! #fmps #fmps24 #fmevents #NetworkingBlitz #IndustryEvent #FinanceSummit hashtag#Fintech #Networking #AsiaPacific #VisitSydney #Sydney2024 #FMPS24 #TravelAustralia #SydneyEvents

Discover Why Sydney is the Place to Be This August! 🏖️🌆 From perfect weather and vibrant festivals to stunning beaches and delicious cuisine, Sydney has it all. 🌞 Explore world-class cultural attractions and natural beauty. But that’s not all – this August, Sydney hosts FMPS:24, Australia’s premier financial event! 📈💼 Join industry leaders, network with professionals, and gain insights into the future of finance, all in the heart of this amazing city. Get Your FREE ticket now: https://bit.ly/4cQSiB1 Don’t miss out on the adventure, culture, and opportunities waiting for you in Sydney. 🌊🏙️ See you in Sydney this August! #fmps #fmps24 #fmevents #NetworkingBlitz #IndustryEvent #FinanceSummit hashtag#Fintech #Networking #AsiaPacific #VisitSydney #Sydney2024 #FMPS24 #TravelAustralia #SydneyEvents

More Videos

  • FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities

  • FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    FMPS:24 | Connecting the Future of Finance Across Continents

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Finance Magnates Pacific Summit 2024 (FMPS:24), is the premier event for the retail investing industry and fintech community in the Asia Pacific region. This dynamic platform connects global expertise, fostering growth and innovation across online trading, fintech, payments, and crypto. Join FMPS:24 to build relationships, explore new possibilities, and gain insights from industry leaders and experts. Register Now: https://bit.ly/4cQSiB1 #fmps24 #fmps #fmevents #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

  • IFX EXPO International2024: What is next for liquidity providers?

    IFX EXPO International2024: What is next for liquidity providers?

    IFX EXPO International2024: What is next for liquidity providers?

    IFX EXPO International2024: What is next for liquidity providers?

    IFX EXPO International2024: What is next for liquidity providers?

    IFX EXPO International2024: What is next for liquidity providers?

  • X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

    X Open Hub’s CEO, Michal Copiuk, on the developments of AI

Tags
Pat Crawley Pat Crawley Send an email
0 38 17 minutes read
Pat Crawley

Pat Crawley

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button