Consumers will be able to send money abroad through Samsung’s mobile wallet
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U.K.-based financial technology group Finablr PLC and Samsung Electronics America have teamed up on a money-transfer feature to be embedded within the Samsung Pay mobile wallet.
The so-called Money Transfer feature will be offered in Samsung Pay, the mobile payment and digital wallet service by the U.S. arm of the South Korean multinational conglomerate, and enable users to make cross-border fund transfers to 47 countries.
Finablr’s group chief executive Promoth Manghat told MarketWatch in an email that while other payments companies offer the ability for cross-border transfers, the company’s new offering is differentiated because it is embedded within the app of a major mobile wallet. “While certain apps support digital wallet payments, it is a disconnected experience,” he said.
Companies are increasingly recognizing big opportunities to develop digital solutions to enable people to send money to friends and relatives abroad more easily. According to The World Bank, remittances to low- and middle-income countries hit a record high in 2018 of $529 billion, a 9.6% rise over a previous record of $483 billion in 2017. Global remittances, which include flows to higher-earning countries, reached $689 billion in 2018, up from $633 billion in 2017.
Shares of Finablr shares rose more than 3% in London trading.
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