Finablr, a global payments platform, and Samsung Electronics America partnered to introduce a new money transfer feature in Samsung Pay.
This new service will offer seamless and secure cross-border payments to 47 countries using different payout methods. This is according to a recent announcement made by the companies.
Samsung Pay and Finablrs Start New Partnership
The aforementioned companies have signed a new partnership to offer users a new cross-border international money transfer services. This new feature combines Samsung Pay’s convenience, scale and security with Finablr’s international reach and 40 years of experience.
Sang W. Ahn, Vice President & Division Head, Content & Services, at Samsung Electronics America commented:
“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.”
Finablr partnered with Ripple back in 2018 in order to launch a cross-border remittances service to Asia using blockchain technology. Although the new partnership with Samsung Pay does not specifically mention using XRP or Ripple’s services, Finablr is already working with Ripple’s solutions.
The new Money Transfer service is powered by Travelex, a company part of the Finablr group. With this new service, users will notice improvements in transparency, security and convenience.
Mr. Ahn explained that Money Transfer is the first step in their vision to evolve Samsung Pay into a platform to make users’ financial lives more convenient.
Moreover, Promoth Manghat, the CEO of Finablr, mentioned that the new service demonstrates their ability to drive payments innovation. In addition to it, the new partnership advances the frim’s mission to offer new innovative solutions to consumers and individuals around the world.
Samsung is also expanding its blockchain-related services and it is using the technology in order to offer better solutions to customers.
Earlier this year, Samsung launched the new Galaxy S10 smartphones with an integrated crypto wallet that allows users to store their private keys for Bitcoin (BTC), Ethereum (ETH) and other ERC-20 tokens, including collectables.
Ripple is also working with a larger number of firms from different countries and regions. At the moment, there are more than 200 customers using RippleNet including banks and other financial institutions.
In the future, the number of firms using the XRP digital asset could grow. A few days ago, UseTheBitcoin reported Ripple acquired the cryptocurrency exchange Algrim to expands its operations in Europe.