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Samsung Pay & Finablr Announce Cross-Border Payments

Finablr PLC, a global platform for payments, and Samsung Electronics America announced the launch of the Money Transfer feature in Samsung Pay. Samsung Pay Cross-Border Payments

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This new in-app international money transfer service offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.

Samsung Pay users in the U.S. can use their existing eligible pre-registered debit or credit cards in Samsung Pay to safely and securely send money in most major currencies to their recipients via Finablr’s global network. The service leverages Finablr’s global reach and distribution capabilities, providing a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pickup. This partnership marks a significant collaboration between Samsung and Finablr to launch such a service on a global scale.

Money Transfer in Samsung Pay is available now in the US and will be expanded to further markets in 2020.

Promoth Manghat, Group Chief Executive Officer at Finablr PLC, commented: “We are delighted to be partnering with Samsung to launch the new in-app Money Transfer service. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation worldwide, in line with the strategic and financial outlook provided for our B2B and Payments Technology Solutions business at the time of IPO. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market allows us to drive innovation at a scale that is unique in the US$127 trillion global cross-border payments market. The launch of this product advances our mission to meet the needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies. Samsung Pay Cross-Border Payments

Samsung Pay Key Benefits: Samsung Pay Cross-Border Payments

  • Convenience:
    • No need to carry physical cards.
    • Make payments with a simple swipe or tap of your device.
    • Works at most contactless payment terminals.
  • Security:
    • Utilizes tokenization, replacing your card information with a unique digital identifier, making it more secure than using a physical card.
    • Requires fingerprint, PIN, or iris scan authentication for each transaction.
    • Samsung Knox security platform adds an extra layer of protection.
  • Acceptance:
    • Accepted at most retailers that support contactless payments, including NFC (Near Field Communication) terminals.
    • Can be used for in-app and online purchases.
  • Rewards:
    • Earn Samsung Rewards points for every purchase made with Samsung Pay.
    • Points can be redeemed for various rewards and discounts.

Additional Features:

  • Membership Cards: Store loyalty and membership cards digitally.
  • Gift Cards: Add and use gift cards within the app.
  • Transportation Cards: In some regions, you can use Samsung Pay for public transportation.

Overall, Samsung Pay is a versatile and secure mobile payment solution that offers a convenient way to pay for goods and services while enjoying additional benefits and rewards.

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