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Samsung Electronics America is teaming up with the UK-based payment platform and RippleNet member Finablr.
The companies plan to add a new feature to the Samsung Pay mobile app. It’s called Money Transfer, and will allow people to send money to 47 countries using a variety of payment options.
“Samsung Pay users in the U.S. can use their existing eligible pre-registered debit or credit cards in Samsung Pay to safely and securely send money in most major currencies to their recipients via Finablr’s global network.
The service leverages Finablr’s global reach and distribution capabilities, providing a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pick up.”
Finablr says its cross-border payments technology currently serves more than 25 million people in 170 countries worldwide.
The company joined Ripple’s network of banks and payment providers in December of last year.
Finablr’s UAE Exchange is using Ripple’s cross-border payments technology to power remittances to Asia.
Sang W. Ahn, the vice presidnet of content and services at Samsung Electronics America, says the partnership with Finablr is part of a larger plan to expand the reach of Samsung Pay.
“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.”
Samsung is joining a growing movement of big tech companies that are pushing to offer financial services, shaking up the banking industry and global remittances. So far, neither Samsung nor Finablr have disclosed whether they are considering the use of blockchain technology or the digital asset XRP.
Samsung is an early supporter of blockchain and crypto assets. The company’s Blockchain Keystore app is available on the company’s new line of Galaxy S10 smartphones, allowing people to store their private keys for Bitcoin, Ethereum and Ethereum-based tokens.