Samsung Pay: Partnered with RippleNet Member Finablr
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Payment Service of South Korea’s tech giant- Samsung Pay has partnered with payment platforms Finablr, Ripple’s RippleNet Member. This is to offer cross-border payments feature money transfer to the users of its applications.
October 3- Finablr revealed the partnership. They said the new feature will give the users seamless and secure cross-border payments to 47 countries using a variety of payout methods, all within Samsung’s native mobile wallet.
In addition to that, United States-based Samsung Pay’s users were said to be able to use their debit or credit card to send money using the service.
Tokenized
All the fees and also exchange rates are included upfront. This allows the users to see in advance what they are paying. Also, the system’s security employs tokenized credentials backed by Samsung Knox. Vice President and head of content and services division at Samsung Electronics America, Sang Ahn said:
“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.”
Competitive Space
Press also says the Money Transfer feature is now rolled out to the United State user base. Next year, a new service will be build up to more markets. Finablr was founded in April 2018 and has $5 million in estimated revenue annually.
