International Finance

Samsung, UAE’s Finablr launch cross-border payments app in US

Finablr cross-border payments
The money transfer service within Samsung App allows users to transfer funds to 47 countries

Dubai fintech company Finablr and Samsung Electronics America recently launched a new cross-border payments service in Samsung Pay mobile wallet, the UAE media reported. Finablr is a fintech financial services company from the UAE. 

Finablr cross-border payments service in collaboration with Samsung is a first of its kind in the US. The app offers cross-border payments to 47 countries using a whole suite of pay-out methods within Samsung Pay. Samsung’s money transfer service ranges from bank deposits to cash

The app allows users to view the transfer fee and exchange rate before paying the recipient. This feature is supported by Finablr’s subsidiary Travelex, according to the reports. 

Sang W. Ahn, vice president and division head of content and services at Samsung Electronics America, told the media that, “Our consumers are global and have friends and family around the world. Samsung is enabling users to send money from the US to the rest of the world by making it simple, secure and transparent.”

Samsung plans to expand its remittance platform to other countries in 2020. Currently, it is available only to US customers. 

The money transfer service is Samsung’s first move toward making Samsung Pay a user-friendly platform for users. Samsung aims to simplify users’ financial activities through the app. 

Mobile wallets are largely popular in countries such as India and China. Platforms such as Alipay, WeChat Pay and Paytm are becoming quite popular. Apple Pay is one of the biggest players in mobile payments, followed by PayPal which supports cross-border payments through its Xoom remittance platform.

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