Zing, the travel money and international payments app launched by the HSBC Group, is set to be shuttered after just a year in operation. The company announced on their website: “We will unfortunately be closing the Zing app in the coming months due to changes in strategic business priorities.”
Introduced in January 2024, Zing was HSBC’s foray into the competitive fintech arena, aiming to take on established players like Revolut and Monzo. The app was accessible to non-HSBC customers as well.
The app gained popularity due to its competitive fees and for allowing users to hold and manage funds in various currencies. It allowed users to make payments while travelling and to do international transfers, with users topping up their wallets via debit cards or bank transfers.
While existing Zing users can continue to use the app’s features until April 2, 2025, registration for new users has been stopped. On April 2, wallet top-ups will be disabled, and the app will become completely inaccessible from May 22.
For those with remaining balances, the Zing website advises: “If you have money in your account we recommend that you transfer it to an alternative account or use the remaining balance with payments. You will not be charged for converting other currencies held in your Zing wallets back to GBP.”
Zing users who still have funds in their wallet are left with three options. They can either transfer them to a bank account, withdraw the cash, or use the funds to make payments. Zing has not clarified what will happen to any remaining funds left in accounts once the app is shut down.
Reuters has reported that the closure of the app could potentially put 400 jobs at risk. According to their sources, staff who were at risk of redundancy would have been informed this week.
Zing customers can visit https://zing.me/ for more information about managing their account.
