Global payments platform Finablr and Samsung Electronics America have launched a Money Transfer feature in Samsung Pay, whereby users in the US can send money to people in 47 other countries. At the moment, the feature is available within the US, but there are plans to extend it to other countries next year.
A statement from Finablr said Samsung Pay users in the US could use existing eligible pre-registered debit or credit cards to send money in most major currencies via Finablr global network.
Money Transfer is powered by Travelex, a foreign exchange firm in the Finablr group, and will show users the fees and exchange rates associated with a transfer before the money is sent.
“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 tokenised credentials and is backed by Samsung Knox security,” the company said.
“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 US$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.”
Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.