Samsung Electronics America has unveiled a partnership with payment platform Finablr to improve its Samsung Pay service. Through the collaboration, Finablr will assist Samsung is adding a brand new money transfer feature in Samsung Pay. The service will enable cross-border payments across forty-seven countries via various payment options.
Finablr will help Samsung Pay in evolving
Through the collaboration, Samsung Pay would reach a greater audience through Finablr’s international reach. Samsung Pay is a convenient and secure method of payment. However, the userbase has been limited due to a lack of global reach. Finablr would solve this problem and significantly boost the use of the services.
Finablr partnered with Ripple in 2018. The company entered a partnership with Ripple to launch a cross-border remittance service to Asia using decentralized ledger technology. Although It is unclear whether the partnership with Samsung Pay has any link with Ripple’s services, Finablr is already using Ripple’s solutions.
The latest Money Transfer service is powered by Travelex. The company is a part of the Finablr group. The service would increase the transparency of the network in turn, boosting its security and convenience.
Money Transfer is the first step in the company’s vision to evolve its payment system. The main goal is to make Samsung Pay into a platform that eases customers’ financial activity.
Finablr’s CEO, Promoth Manghat, stated that the new service demonstrates their ability to drive payments innovation. Moreover, the partnership pushes the company’s goal of providing innovative solutions to users across the globe.
Samsung has been pro-active in the cryptocurrency market since the start of 2019. The company has launched its signature Galaxy S10 smartphone with a crypto wallet pre-installed. The wallet allows users to store private keys for Bitcoin, Ethereum, and various other cryptocurrencies.