Samsung enters international payments with Finablr and Travelex tie-up

By Oliver Smith on 3rd October 2019

Fintech

US Samsung Pay users can now send money to 47 countries, with more to come.

Samsung enters international payments with Finablr and Travelex tie-up
Image source: Samsung's Money Transfer.

Electronics titan Samsung is launching an international payments service in the US, which it plans to expand globally in 2020.

Money Transfer is a partnership between Samsung and FTSE 250 payments giant Finablr, which operates the Travelex brand.

To start, Money Transfer will let Samsung Pay users in the US send money to recipients in 47 countries like Mexico, China, Philippines and several African countries.

“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 Samsung Electronics America’s Vice President and Division Head of Content & Services, Sang W. Ahn. 

“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.”

Samsung Pay is the smartphone giant’s mobile wallet service, similar to Apple Pay or Google Pay.

With Money Transfer, Samsung users will be able to see fees and exchange rates upfront, to know how much each transfer will cost before it’s made.

As for consumers outside the US, Samsung merely said “Money Transfer will be rolled out to other markets in 2020,” without specifying which markets would be reached first.