U.S. users of Samsung Pay will be able to send money to people in 47 countries including India, Mexico and China, with the option to deposit directly into a recipient’s bank account or transfer to a local cash pickup point.
Users will also be able to see the transfer fee and exchange rate before paying someone. The feature is being powered by Finablr subsidiary Travelex.
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Both companies claimed the new feature was the first to offer foreign exchange in a native mobile wallet in the U.S.
While Samsung Pay’s remittances service is currently only available for U.S. customers, the plan is to expand it to other countries in 2020.
Founded in 2018, Finablr is a financial services holding company listed on the London Stock Exchange. In February 2019, Finablr announced collaboration with RippleNet for cross-border payments to process blockchain-powered cross-border transactions in Thailand.
In 2018 it handled more than 150 million customer transactions.