Electronic giant Samsung’s mobile payment service subsidiary Samsung Pay, has collaborated with Finablr, a payment processing platform, to provide trans-border payment facility ‘Money Transfer’ to the users of its app. Finablr is a member of RippleNet.
Finablr unveiled the collaboration on October 3, asserting that the latest attribute “offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.”
Additionally, the US-based Samsung Pay’s customers supposedly utilize their debit or credit cards to remit money through their service. The entire fees and exchange rates are taken into account at the beginning, enabling users to be aware prior hand of the amount they will be paying.
The system’s security also deploys tokenized parameters backed by Samsung Knox. Sang Ahn, the vice president and chief of content and services division at Samsung Electronics America, stated
“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.”
Finally, even though the Money Transfer feature is now introduced to the US user base, the latest service will be extended to several markets in 2020. Finablr was established in April 2018 and has $5 million in annual revenue.
It can be remembered that multi-currency money remittance app Circle has stated that it took over key US-based cryptocurrency exchange Poloniex for $400 mln.
