Samsung has introduced the Money Transfer feature in Samsung Pay for the US markets. This service is being offered in partnership with Finablr, a platform for global payments. With this service, users in the US can transfer money directly from their mobile phone using Samsung Pay to 47 countries. Users can use their existing eligible pre-registered debit or credit cards to send money in the form of major international currencies to their recipients. The money can be transferred as bank deposits or as cash available for pick up.
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, Vice President & 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.
This service includes all fees and exchange rates upfront so users know how much they will pay before securely transferring funds. As of now the Money Transfer feature in Samsung Pay is available in the U.S only. The service will be expanded to other markets in 2020.