International money app Zing, which is part of HSBC, has worked with Visa’s Open Banking platform Tink to launch automatic and one-tap top-ups for all members.
By utilising Open Banking variable recurring payments (VRP), the two new top-up options will enable Zing’s members to add funds from seven major banks within 30 seconds.
Members can link their banking app directly to their Zing wallet for automatic top-ups, without the need to reconnect every 30 days.
Via Open Banking account linking, one-tap top-ups mean users can select the amount they want to credit their wallet and then do this in one tap, removing the need to manually input details or leave the Zing app.
Users can set a pre-approved monthly limit, bypassing the need for each top-up to be approved by the user’s bank each time a transfer is made.
While automatic top-ups will use the same account linking technology, they will also enable users to set a minimum balance limit and a maximum automatic top-up value, meaning that should the member’s wallet fall below the minimum limit, Zing will automatically top up the wallet by the predetermined value.
James Allan, founder and CEO of Zing
James Allan, founder and chief executive officer of Zing, said: “Our members shared their fears of having their card declined due to insufficient funds when making payments while travelling, holding up the queue as you try to top-up your account.
“With automatic top-ups, members can keep their accounts ready for anything without having to think about topping up, making international money truly worry-free.”
He added: “Tink has done an incredible job of enabling us to make our members’ payment experience more streamlined, and we’re looking forward to what we can do next.”
Both features are available for all members and will work with most of the UK’s major banks, including HSBC, Barclays, Lloyds, Nationwide, NatWest, and Santander.
Jack Spiers, sales director, issuing solutions at Visa, said its new partnership with Zing “showcases” how Open Banking can reduce complexity for consumers.
“It is great to see the traction and impact variable recurring payments now have in the market, moving Open Banking-powered payments further towards mass-market adoption,” Spiers added.
Zing launched in the UK at the start of the year and now enables members to hold more than 20 currencies, send over 30 currencies, and spend in approximately 200 countries and territories with a single app and card.
Further reading: Promoting Pay by Bank across London with Tink and Splitwise
