Finablr, a payment platform, and RippleNet associate firm has announced its partnership with Samsung Pay on October 3. The partnership would offer Samsung Pay users with seamless and secure cross border payment to 47 countries with several payment options within Samsung's native wallet app.
The partnership would also enable pre-registered US-based Samsung Pay's customers to avail of all the payment options from Finablr from their debit or credit card.
Sang Ahn, the vice president and head of content and services division at Samsung Electronics America, talked about the vision of Samsung Pay to provide its customers with financial freedom and ease of access. He said,
“Money Transfer is the 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.”
The announcement by Finablr also noted that all the costs and including service fees, exchange rates have been made available in advance to the users. This is a great move as it would allow the users to know beforehand what they are investing in.
The services have been rolled out for the United States customers, and the firm is planning to expand the services to other markets by next year.
Promoth Manghat, Group Chief Executive Officer at Finablr, commented,
“We are delighted to be partnering with Samsung to launch this new in-app cross-border payment capability. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market, allows us to innovate at a scale that is unique in the US$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.”