Wednesday, Sep 28, 2022
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HSBC rolls out multi-currency digital wallets to compete with its rivals

HSBC Global wallet_IFM_Image
HSBC is all set to launch its very own digital multi-currency wallet which will make international payments hassle-free and secure

London-based HSBC bank has today announced the launch of its multi-currency digital wallet that will ensure people make international payments securely and safely. Named, HSBC Global Wallet, it is the first multi-currency offering by a US bank that removes the need for third-party providers for foreign exchange and international transactions. The bank’s clients in the US can send money in different currencies, hold, and manage the account.

The Global wallet uses HSBC’s global payment network and it is fully integrated with the bank’s existing business banking platform, thereby letting its customers pay like local. In a press release, HSBC USA said that their new multicurrency wallet is a groundbreaking move that launched in the US, UK, and Singapore. It covers a wide range of currencies like Euros, U.K. Pounds, and Malaysian ringgit, along with Hong Kong, Canadian, Singapore, and Australian dollars.

Drew Douglas, HSBC’s head of liquidity and cash management, US and Canada told the media, “We are excited that the US is one of the first markets in which we are launching HSBC Global Wallet. As we continue to focus on making international business easier and more efficient, this innovative solution will allow our commercial U.S. clients to more effectively manage their foreign currency balances locally and to pay internationally like a local.”

HSBC said that their digital wallet is primarily targeted at small to medium-sized businesses with an international supply chain. HSBC’s digital wallet launch comes at a time when mobile wallets or tap-and-pay plastic cards are taking over cash payments. According to a recent study, the cash flow transactions only account for 20 percent of in-store payments worldwide and it also recorded a 32 percent drop since 2019.

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