FinTech News
Samsung Pay Adds International Payments Thanks to Finablr Partnership
When Apple first unveiled Apple Pay in 2014, the expectation was that mobile payments would make major in-roads within a short period of time. Unfortunately that wasn’t exactly the case, despite efforts by Apple, Google, Samsung, and others. Since then those companies have expanded on their mobile wallet product offerings, with Apple adding features such as Apple Cash and, most recently, Apple Card. Now Samsung is also looking to broaden the appeal of its Samsung Pay platform, adding international payment capabilities. The feature known as Money Transfer is first being introduced to Samsung Pay users in the United States but is expected to roll out to other markets next year.
Money Transfer will be native to Samsung’s digital wallet and will allow customers to send funds seamlessly and securely to 47 countries around the world. This capability comes from Finablr’s global network along with Travelex, allowing customers to send funds via a registered credit or debit card. A press release also notes that fees and exchange rates for transfers will be clearly disclosed to users before scheduling a transfer. For recipients Money Transfer will allow them to select their delivery method. These options include bank deposits or the ability to pick up physical cash.
In a statement Samsung Electronics America’s VP and division head of content and services Sang W. Ahn said of the new Money Transfer feature, “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.” Ahn went on to note, “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.” Meanwhile Finablr group CEO Promoth Manghat expressed excitement for the partnership, saying, “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… This partnership advances our mission to meet the evolving needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.”
While the demand for Money Transfer may be fairly limited (and adoption will likely depend on the fees associated with transactions), the feature does highlight the potential of mobile wallets, digital payments, and more. For Samsung it also helps their mobile wallet stand out from the more-popular services from Apple and Google. Therefore it will be worth watching where Money Transfers goes as it presumably expands across the globe in the coming year.
