Plus   Neg

Samsung Pay Partners Finablr To Enable Cross-Border Payments

samsung 101719 lt

Samsung Electronics America teamed up with U.K.-based payments and foreign exchange company Finablr to launch a "Money Transfer" feature in Samsung Pay app to enable cross-border payments for the app users in the U.S.

Finablr is a member of Ripple's enterprise blockchain payments network RippleNet. Money Transfer is powered by Finablr group company, Travelex.

The Money Transfer service is an in-app international money transfer service to facilitate seamless and secure cross-border payments to 47 countries through a variety of digital and physical payout methods, all within Samsung's native mobile wallet. It is also backed by Samsung Knox security.

The service is currently rolled out only in the U.S., and will be expanded to other markets in 2020. And this is a combination of Samsung Pay's convenience, scale and security as well as Finablr's international reach and wide choice of payout options through the RippleNet network.

A U.S.-based Samsung Pay app user with an active account and a valid U.S issued debit or credit card loaded within their Samsung Pay wallet can start the Money Transfer process in most major currencies to their recipients via Finablr's global network to the rest of world. The wallet can only be accessed via any qualifying Samsung device.

The users can make international transfers from the comfort of their home or on the go. They can also know how much to pay in advance, including all fees and exchange rates, before transferring the funds.

For comments and feedback contact: editorial@rttnews.com

Follow RTT