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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Contis is the first payments provider to integrate Samsung Pay’s market-leading functionality across a Credit Union proposition delivering the service to over 150 Credit Unions across the UK and providing members with the ability to leverage technology to manage their finances more effectively, at a time of increasing budgetary pressure.

Samsung Pay will also be integrated into Contis’ Canvas proposition, a white label solution that provides companies with a powerful, configurable end-to-end platform that is supported by licences enabling deployment throughout Europe. Canvas and Samsung Pay together are creating a one stop solution for business banking by giving companies the power to enhance their business through award winning functionality supported by a world leading brand.

Following the launch to Contis’ Engage customers, further rollout across the business’ Canvas proposition will take place later this year.

Commenting on the launch Flavia Alzetta, Chief Executive Officer, said: “Our partnership with one of the most innovative companies in the world is testament to the power of our platform and our commitment to developing financial solutions that meet the changing needs of our customers.

“Together, our solutions and scale will not only allow us to tackle the issue of financial exclusion, but through combining Samsung Pay’s functionality with our configurable Canvas platform, we will be able to facilitate the wider evolution of financial services.”

Commenting on the partnership, Kyle Brown Head of Technology, Services and Launch Management at Samsung Electronics, said:

“We are delighted to be partnering with Contis as part of our dedication to developing an open ecosystem of devices that enhance our customer’s experience. The partnership not only provides us with the ability to deliver our leading solutions to a new user base, but also represents an important milestone as we continue to diversify our service offering into financial services.

“In Contis, we have a found a partner that shares our thirst for innovation and we look forward to working with them closely to deliver this exciting project.”

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