Partnerships and tie-ups have been the norm of cryptocurrency companies for some time now because of the realization within the industry that collaboration allows more mainstream adoption. This mantra was again evidenced when cross border payments giant, Finablr announced that they had partnered with tech behemoth Samsung.
The official release from Finablr stated:
“Finablr PLC, a global platform for payments, and Samsung Electronics America today introduced the Money Transfer feature in Samsung Pay. This new in-app international money transfer service, a first of its kind in the U.S., offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet.”
The team-up aims to use Samsung’s tech prowess combined with Finablr’s cross border experience to make it easier for users to conduct transactions seamlessly. Finablr has promised that with the company’s global reach and distribution capabilities, the customer will have a wide array of options to conduct transactions. These features range from bank deposits to ready cash that can be picked up whenever the customer chooses to.
The focus of the two companies with regards to this partnership can be collated into three categories: convenience, transparency, and security. The new service will give users the option to seamlessly send money to whoever they wish in 47 countries just using the Samsung Pay application and not any other third-party app.
Samsung and Finablr have reiterated on the fact that the transaction fees and exchange rates will be broken down for the users so that there is no conduction and transparency is maintained.
Samsung has also assured users that all the user data will be protected by using the company’s Samsung Knox security protocol and tokenized credentials.
Sang W. Ahn, the Vice President, and Division Head, Content and Services at Samsung Electronics America spoke about the partnership saying:
“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”
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