HSBC Rolls Out Multicurrency Digital Wallet To Streamline Global Payments

London-based HSBC is banking that there’s a big interest among small to medium-sized businesses (SMBs) in a multicurrency digital wallet. The company said that its new payments product will allow customers “to make international payments simply and securely.”

In a press release, HSBC USA said the new multicurrency wallet is a groundbreaking move that launched in the U.S., U.K. and Singapore on Monday (May 17). The product covers a wide range of currencies, including euros, U.K. pounds and Malaysian ringgit, along with Hong Kong, Canadian, Singapore and Australian dollars. The bank said it has a pipeline of new currencies and enhancements for the digital wallet.

HSBC is building on the bank’s global payments network, using its existing business platform to enable customers to “pay like a local.” The multicurrency service eliminates the need to use third-party providers for foreign exchange and international transactions.

“We are excited that the U.S. is one of the first markets in which we are launching HSBC Global Wallet,” said Drew Douglas, HSBC’s head of liquidity and cash management, U.S. and Canada. ”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. “

The bank said the digital wallet is targeted at SMBs with international supply chains. “HSBC Global Wallet enables payments to be delivered to a beneficiary’s account usually within minutes of being sent,” the release stated.

HSBC’s digital wallet launch comes at a time when mobile wallets or tap-and-pay plastic cards are overtaking the use of cash among consumers. One recent study found that cash transactions now account for only 20 percent of in-store payments worldwide —a 32 percent drop since 2019.

Earlier this year, HSBC unveiled a mobile banking service that gives small business owners a single place to take care of all their financial tasks. The service is available for iOS through the Apple App Store and Android through Google Play.