UK-based financial services holding company Finablr announced today that it has partnered up with Samsung to bring international money transfer and payment features to Samsung Pay. The duo have collaborated to create a new in-app feature for Samsung Pay called Money Transfer. It is powered by Travelex, a subsidiary of Finablr. From today onwards, users of the Samsung wallet will be able to make international money transfers and cross border payments.
Money Transfer allows users to transfer funds from their Samsung Pay accounts in major currencies. All charges are displayed before the transaction is initiated, including the foreign exchange rates. Due to Finablr"s international contacts, Samsung Pay users are able to send money or make payments to 47 countries across the globe.
The funds are receivable in both digital and physical forms, with further preferences available such as the option to deliver liquid cash or bank deposits. As for security concerns, Money Transfer is protected by Samsung Knox.
Sang W. Ahn, Vice President and Division Head for Content & Services at Samsung Electronics America, commented on the launch of the new Samsung Pay Service:
"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. 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, expressed his delight at partnering up with Samsung to enter the "US$127 trillion global cross-border payments market".
Although the Money Transfer feature is currently limited to the U.S., Finablr has confirmed that the new service will be available more widely in 2020. Further information about this new feature can be found on its official webpage.