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Samsung has officially announced that it will collaborate with the Finably fintech firm, a Ripple’s partner, to launch an international money transfer service on the Samsung Pay app targeting US users.
Samsung Electronics America has officially announced that it will collaborate with the fintech firm, Finablr. The partnership aims to launch an international money transfer service that will operate through the Samsung Pay app. The service currently targets US users and Finablr’s subsidiary Travelex powers it.
Official information shows that Finablr is a listed partner of Ripple in London. Nonetheless, this deal with Samsung has no involvement from Ripple or XRP. An official announcement reveals that the new service will combine Samsung Pay’s convenience, security, and scale with Finablr’s international network and over 40 years of cross-border payment know-how.
The service enables U.S. Samsung Pay users to transact to 47 countries using their credit or debit cards linked to the app. A Finablr spokesperson said:
“The new in-app cross-border money transfer service, powered by Finablr Company Travelex, does not involve Ripple or XRP solutions.”
The spokesperson also added that the deal leverages Finablr’s technology and global network to offer the service efficiently to the Samsung Pay users.
The vice president and division head of content and services at Samsung Electronics America, Sang W.Ahn, also commented. He said that Samsung is happy that it will have the capability to let users send money from the US to the rest of the world in a simple, secure, and transparent manner.
Sang affirmed that this new feature is the first step to the company’s vision of evolving Samsung Pay to make users’ financial livelihoods more convenient. He added that:
“Our consumers are global and have friends and family around the world. Money Transfer is the first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.”
Finablr said that this service will expand to several other countries in 2020. Unimoni and UAE Exchange, the fintech firm’s other two subsidiaries, have been using RippleNet which is Ripple’s blockchain-based payments network. The network comes in handy in the cross-border remittances to Thailand since February 2019.
Promoth Manghat, Finablr’s CEO said that they are happy to partner with Samsung in the launch of the new in-app cross border payment capability. He also added that this service demonstrates the ability to drive payments innovation underpinned by the Finablr technology platform.
Notably, Samsung has been rapidly developing blockchain for its devices. In September, the company released the Galaxy Note 10 with an in-built cryptocurrency wallet. It also added bitcoin support to some of its phones in August 2019. Moreover, it has discussed developing its local blockchain network and its coin in the future.
Currently, it is still unclear if Travelex will be using Ripple for any Samsung Pay transactions. The company plans to use the traditional SWIFT network for some of the transactions. This deal suggests that Samsung now commits itself to investing in increased use of financial cryptography and decentralized systems on their devices. However, it is not possible to use the service to buy and sell cryptos.