Samsung, the South Korean top tech company, has started collaboration with financial technology firm Finablr.
This partnership will facilitate Samsung Pay’s money transfer service. According to reports, its users residing in the US can now send funds to over 47 countries.
Yet, this is not all. Users can now deposit the funds directly to the receiver’s account. Alternatively, they can do it at a local pickup point.
The official announcement reads: “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.”
Some of the countries eligible to receive funds using Samsung pay include China, India, Mexico.
To that end, Finablr’s Travelex is powering the new service. The app will display all transfer fees and exchange rates. The companies claim this service is the first of its kind. Why? Because it enables foreign exchange in a local mobile wallet.
Samsung Electronics VP, Sang Ahn, in a statement said: “Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.”
At the same time, Finablr promises to expand this service to other countries in 2020.
More about fin-tech firm Finablr
Finablr, available on the London Stock exchange, is the enabling partner for the Samsung Pay app. In 2018, it facilitated over 150 million customer transactions.
In February, Finablr announced a partnership with RippleNet. Its aim is to facilitate cross-border payments in Thailand.