- New Finablr partnership on the way for Samsung customers in first for the US market
- “Money Transfer” product set to offer recipients many ways to cash out
- “We are delighted to be partnering with Samsung to launch this new in-app cross-border payments capability”, says Finablr spokesperson
International payments platform Finablr has announced it will partner with Samsung Pay to provide a seamless new money transfer service.
The new experience, which will be in-app on Samsung’s mobile wallet and will represent the first time such a service as this has been available in the US, will allow for international money transfer transactions to almost 50 different countries to take place.
It will be possible for those using the Samsung Pay app to see which of their already-added debit or credit cards are eligible for use with the new service, and to then make cross border payments through Finablr’s network.
It will also be possible for recipients to decide how they access the cash transferred as part of the transaction.
It will be possible for bank deposits to be made, for example, while customers can also collect cash from designated pick-up locations.
The new service will be simply named “Money Transfer”.
Finablr is well-known on the online money transfer scene, and it has a number of brands under its umbrella.
It has been in business for four decades.
In this particular case, the Finablr brand responsible for the transactions will be Travelex – a well-known brand name in the physical market.
In a statement, the vice president and division head for content and services at Samsung Electronics America, Sang W. Ahn, said the new arrangement would be “simple, secure and transparent”.
“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”, said Ahn in the statement.
“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.”
For Finablr, Promoth Manghat – who serves as group chief executive officer – said that the company was “delighted” about the developments.
“We are delighted to be partnering with Samsung to launch this new in-app cross-border payments capability.
“Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation. 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.”
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