By Dipo Olowookere
A money transfer feature has been introduced on the Samsung Electronics America’s Samsung Pay platform by a global platform for payments, Finablr as part of a partnership between both organisations.
A statement by Finablr explained that this new in-app international money transfer service, a first of its kind in the U.S., offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.
The service combines Samsung Pay’s convenience, scale and security with Finablr’s international reach and 40 years of cross-border payment expertise to put mobile payments into the hands of millions of consumers, the firm said in the notice dated October 3 and made available to Business Post through AETOSWire.
It was learned that with the new feature, holders of Samsung Pay in the U.S. can use their existing eligible pre-registered debit or credit cards in Samsung Pay to safely and securely send money in most major currencies to their recipients via Finablr’s global network.
The service leverages Finablr’s global reach and distribution capabilities, providing a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pick up. This partnership marks a significant collaboration between Samsung and Finablr to launch such a service with global scale.
Money Transfer in Samsung Pay is available now in the U.S. The service will be expanded to other markets in 2020. It is powered by Finablr group company, Travelex, and offers Samsung Pay customers convenience, transparency and security.
According to the statement, the service gives users the ability to send money seamlessly to their recipients through a variety of digital and physical payout methods in 47 countries, with just a few taps on their phone. Consumers simply open the Samsung Pay app and the tools are right at their fingertips.
Also, with this service, all fees and exchange rates are included upfront so users know how much they will pay before securely transferring funds.
In addition, Finablr’s network of trusted brands, including Travelex, with its 40 years of experience in cross-border payments, and licensed by over 100 regulators globally, bring security, reliability and peace of mind to the Samsung Pay users of this feature, which uses tokenized credentials and is backed by Samsung Knox security.
“Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America. “Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”
Promoth Manghat, Group Chief Executive Officer at Finablr, commented, “We are delighted to be partnering with Samsung to launch this new in-app cross-border payments capability. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market, allows us to innovate at a scale that is unique in the $127 trillion global cross-border payments market. This partnership advances our mission to meet the evolving needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.”
