HSBC is preparing to close down its payments app, Zing, just a year after its launch, in a move that could disappoint customers. The Zing platform, which allows users to make international payments and provides a multi-currency debit card, will be phased out.
Despite launching in January 2024 to compete with money apps like Wise and Revolut, HSBC has not yet announced a closure date for Zing. The decision to shut down the app could potentially put up to 400 jobs at risk, including several non-HSBC customer support roles.
However, the bank has plans to assist affected employees, including potential opportunities within other areas of the business. An HSBC spokesperson revealed that the decision to close Zing came after a strategic review, stating: “We have made the decision to close Zing and integrate its underlying technology platform into HSBC. Zing customers will be informed of an alternative option to become bank customers of HSBC UK and use the Global Money proposition.”
The Global Money Account enables customers to transfer money to other HSBC accounts in over 50 currencies. Customers also have the option to open a Revolut or Wise account, both of which allow international bank transfers. This news follows HSBC’s recent announcement of a significant restructuring under new boss Georges Elhedery.
The bank also announced its intention to streamline its geographic structure, focusing on its operations in the East and West. Mr Elhedery commented: “The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged. By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.”