Samsung Pay’s money transfer service, launched in partnership with Finablr.
Samsung and Finablr
Samsung has teamed up with financial technology firm Finablr on a money transfer service for its payments app.
U.S. users of Samsung Pay will now be able to send money to people in 47 countries including India, Mexico and China, with the option to deposit directly into a recipient’s bank account or transfer to a local cash pickup point.
Users will be able to see the transfer fee and exchange rate upfront before paying someone. The feature is being powered by Finablr subsidiary Travelex.
Both companies claimed the new feature was the first to offer foreign exchange in a native mobile wallet in the U.S. Google Pay currently lets people transfer funds within the U.S., while Apple Cash supports sending money through iMessage.
Mobile wallets have proven particularly popular in countries China and India, with platforms like Alipay, WeChat Pay and Paytm gaining momentum. Research has shown however that mobile payments haven’t enjoyed the same penetration in the U.S.
While Samsung Pay’s remittances service is currently only available for U.S. customers, the plan is to expand it to other countries in 2020.
“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient,” Sang Ahn, Samsung Electronics America’s vice president and division head of content and services, said in a statement Thursday.
“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.”
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