UK-based payments platform Finablr and Samsung Pay, the mobile payments service of South Korean tech giant Samsung, have joined hands to pool resources to build a cross-border payment system named “Money Transfer” for its users.
The partnership was announced on October 3rd by Finablr, explaining that the newly added feature will offer seamless and secure cross-border payments to 47 countries by using a variety of payment methods available on the app. Furthermore, United States-based Samsung Pay’s clients reportedly can use their debit or credit cards to send money via the Samsung Pay app.
Currently, there are over 25 million people using Finablr’s services across the globe, and the company has established a presence in 170 countries across the world.
According to the announcement, all the fees and exchange rates are included upfront, allowing users to know in advance what they will be paying. The system’s security also employs tokenized credentials backed by Samsung Knox.
Sang Ahn, the vice president and head of content and services division at Samsung Electronics America, further added that 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.”
Whilst the Money Transfer feature is now rolled out to the United States userbase, the new service will be expanded to more markets next year, according to the press release.
Meanwhile, last year in December Finablr joined Ripple’s network of banks and payment providers. In addition to that, Finablr’s UAE Exchange is using Ripple’s cross-border payments technology to power remittances to Asia. Some RippleNet members are already using XRP for the base currency for cross-border payments.
The new partnership between Samsung Electronics America and Finablr could potentially benefit XRP, especially if the payment system they’re working on integrates XRP. However, 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.