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Ripple’s drive to enable cross-border payments has already resulted in the involvement of over 200 banking partners from across the world. Joining this list of extensive partnerships is Samsung Pay after it announced a partnership with Finablr, a RippleNet member and a firm with 40 years in cross-border payment expertise. As per the official announcement,
“This new in-app international money transfer service, a first of its kind in the U.S., offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.”
Finablr already leverages the Ripple Network to power Unimoni and the UAE Exchange, which affirms Samsung’s decision to enter the cross-border payments landscape. As the news was made public on Twitter, crypto-enthusiast @XrpCenter highlighted the fact that “This money transfer service is provided by a subisdiary of Finablr called Travelex.” In this regard, Travelex tweeted,
“The wait is finally over! Our first international money transfer service of its kind in the US, in collaboration with Finablr and Samsung U.S., is now live! 🎉”
Source: Travelex Business
Here, it is important to note that the Finablr network also includes Xpress Money, Remit2India, Ditto and Swych, and has handled more than 150 million transactions in 2017. As per Finablr’s official blog post,
“Money Transfer in Samsung Pay is available now in the U.S. The service will be expanded to other markets in 2020.”