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Samsung Pay, Finablr tie-up to enable swift cross-border payments

Samsung Pay, Finablr tie-up to enable swift cross-border payments
Promoth Manghat, group chief executive officer at Finablr
by

Issac John

Published: Sun 6 Oct 2019, 6:46 PM

Last updated: Mon 7 Oct 2019, 8:27 PM

Finablr, a global platform for payments, and Samsung Pay, have announced a cross-border payments partnership to enable “international payments easier than ever.”
The partnership will enable users in the US to send money to recipients in 47 countries including India, Mexico, China, Philippines, and major markets in Africa through a variety of payout methods, all within Samsung’s native mobile wallet.
“The service combines Samsung Pay’s convenience, scale and security with Finablr’s international reach and 40 years of cross-border payment expertise to put mobile payments into the hands of millions of consumers,” both companies said in a joint statement.
Promoth Manghat, group chief executive officer at Finablr, said the new in-app cross-border payments capability, underpinned by Finablr’s integrated technology platform, demonstrates the payments platform’s 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 $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,” said Manghat.
“Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent,” said Sang W. Ahn, VP & Division Head, Content & Services, Samsung Electronics America.
“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,” said Ahn.
Samsung Pay users in the US 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. This partnership marks a significant collaboration between Samsung and Finablr to launch such a service with global scale.
Money Transfer is powered by Finablr group company, Travelex, and offers Samsung Pay customers convenience, transparency and security. Money Transfer in Samsung Pay is available now in the US, and the service will be expanded to other markets in 2020.
— issacjohn@khaleejtimes.com




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