HSBC is launching a new app Zing, targeting young generation and non-HSBC customers and directly competing with Revolut and Wise.
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GLOHSBC is launching a new app Zing, targeting young generation and directly competing with Revolut and Wise. HSBC is aiming to take back some share of the lucrative cross-border and currency payments segmet of financial markets, which was dominated by neobanks and fintech recently. The sector is growing rapidly, despite COVID and in 2022 Revolut reported an increase of revenue by 45% to $1.1bn.
Zing will be first launched in Great Britain as reposted by Bloomberg on January 2nd and the plan is to launch it in other countries in the following months.
In an intersting development Zing will be availiable to non-HSBC customers and can be downloaded on the Apple and Google app stores and the set up process should take less than 3 minutes.
“Zing has a global ambition,” Nuno Matos said in an interview to Bloomberg. “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.”
Recent study by PYMNTS Intelligence and AWS “Tracking the Digital Payments Takeover: Consumer Familiarity Controls Account-to-Account Payment Growth,” found that 84% of users said that they were either very or extremely satisfied with their most-used A2A payment platform.
