HSBC set to debut its international payments app, Zing

HSBC Holdings Plc is keen on positioning itself strategically in the broad industry of digital finance. Indeed, this goal is what has prompted its decision to launch an international payments app; Zing. The bank seeks to get a share of the fast-growing industry.

The app will challenge the dominance of cross-border payments companies like Wise and Revolut. Notably, the aforementioned firms have attracted millions of retail customers via cost-friendly solutions.

HSBC, the leading Europe-based bank by means of total assets, expects to roll out this service in different regions in the coming months. However, it will start by offering it in the UK. In a couple of days, the Zing app is expected to be available on Alphabet’s Google Play and Apple’s Appstore. According to the firm’s CEO of global wealth and personal banking business, Nuno Matos, it will only take about three minutes for a user to sign up on the app. Besides, it will also be open to non-HSBC customers.

In an interview, Matos noted, “Zing has a global ambition. We want to establish ourselves as a global platform for international payments, which ties perfectly with our international payments strategy for HSBC and you should see us very soon in Asia, in the Middle East, and in EU markets.”

Currently, HSBC has an offering dubbed Global Money. The product offers the bank’s customers currency service at zero fees. Since its launch in 2020, the offering has attracted numerous customers with the processed transactions in 2022 being at around $11 billion. Through Zing, HSBC expects more users to bank with it.