UAE-based financial services firm Finablr and Samsung Electronics America have launched a new money transfer feature in Samsung Pay, the companies have announced.
The new on-app money transfer service – the first of its kind in the US – offers users cross-border payments to 47 countries with a variety of pay-out methods within Samsung’s native mobile wallet, including bank deposits to cash available for pick up.
With the service, all fees and exchange rates are included upfront so users know how much they will pay before transferring funds.
For safety, the feature uses tokenised credentials and is backed by Samsung Knox security.
“Our consumers are global and have friends and family around the world,” said Sang W. Ahn, vice president and division head of content and services at Samsung Electronics America. “Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent.”
“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient,” Ahn added. “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.”
Finablr Group CEO Promoth Manghat added that the service “allows us to innovate at a scale that is unique in the $127 trillion global cross-border payments market”.
“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,” he added.