Samsung Pay Money Transfer service now available in the US
Samsung Pay just got a lot more useful in the United States. Users in the country will now be able to use the Samsung Pay Money Transfer service to send money to people in 47 countries across the globe.
The company has teamed up with fintech expert Finablr on this service which will be providing the network to support cross-border payments through Samsung Pay. The international money transfer service is available from within the existing Samsung Pay app. It will be possible to make seamless and secure cross-border transfers with different payout methods.
Use Samsung Pay Money Transfer to send money to 47 countries
Users can use their existing debit or credit cards for the Samsung Pay Money Transfer service within the app. They will be able to send money in most major currencies to either the recipient’s bank account or to a local cash pickup point.
Money transfers can be made to 47 countries initially, powered by Finablr subsidiary Travelex. Supported countries include Mexico, Canada, China, South Korea, the UK and India. The full list is available on Travelex’s website. Users will be shown the exchange rate and transfer fee upfront before they execute the transfer.
What’s interesting is that Samsung Pay is the first native mobile wallet in the United States to offer an international money transfer service. Rivals like Google Pay only allow users to transfer funds inside the US, for example. With this partnership, Samsung is getting a foothold in the highly lucrative remittance market.
The Samsung Pay Money Transfer service is currently available for users in the United States only. This service is going to be expanded to other markets next year.