HSBC is set to launch a payments app in the UK that will offer cheap foreign exchange to retail consumers as the global lender seeks to compete with fast-growing digital rivals such as Revolut and Wise.
The UK-based bank on Tuesday said it would launch a multi-currency app and debit card that will allow customers to hold money in 10 different currencies, spend money abroad cheaply and make international transfers across more than 30 currencies.
The app will be available in the UK from Wednesday while the lender plans to expand into new markets later this year. Zing has plans to be available in at least two more continents by the end of 2024, according to a spokesperson.
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