Finablr And Samsung Pay Announce New Fintech Money Transfer Service
For the first time in the US, a Samsung Pay user can transfer money internationally to 47 countries using their mobile.
Finablr, a UK-based and listed fintech, has partnered with Samsung Electronics to offer secure cross-border payments within Samsung Pay, the native mobile wallet.
The consumer simply initiates the Money Transfer tool inside the app.
Money Transfer powered by Finablr’s Travelex
Travelex is a Finablr group company and a trusted brand. Moreover, it has 40 years of experience in cross-border payments and is licensed by over 100 regulators globally.
“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,” said Promoth Manghat, Group Chief Executive Officer at Finablr.
Travelex delivers money at a foreign location through several digital and physical options such as bank deposits and cash pickup. Another advantage is that consumers can see all charges and exchange rates upfront and before the transfer. Samsung Pay secures the transaction through tokenized credentials that have the backing of Samsung Knox security.
How it works in Samsung Pay
Users can pay for an international transfer through their existing eligible pre-registered debit or credit cards in Samsung Pay. Further, they can remit money in most of the major currencies using the Finablr/Travelex network. To initiate a transfer, they simply use the tools built into the Samsung Pay app.
“Samsung is excited to enable users to send money from the US to the rest of the world by making it simple, secure, and transparent,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America.
Finablr’s transaction volume
Finally, Finablr Group’s B2B & Payment Technology Solutions segment processed transactions with a U.S. dollar equivalent value of approximately U.S.$58.2 billion in the year ended 31 December 2018. However, in the six months to June 30, 2019, the segment processed transactions with a U.S dollar equivalent value of approximately U.S.$36.1bn.
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