U.K. based financial technology group Finablr PLC and Samsung Electronics America have teamed up on a money transfer feature to be embedded within the Samsung Pay mobile wallet, reported Cointelegraph on October 6th.
“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,” said Sang Ahn, the vice president and head of content and services division at Samsung Electronics America.
U.S. users of Samsung Pay will now be able to send money to people in 47 countries, with the option to deposit directly into a recipient’s bank account or transfer to a local cash pickup point. U.S. customers will be the first to use the app, but the companies plan to expand into international markets next year.
Mobile wallets have proven particularly popular in countries China and India, with platforms like Alipay, WeChat Pay and Paytm gaining momentum. Research has shown that mobile payments haven’t enjoyed the same penetration in the U.S.
Companies are increasingly recognizing big opportunities to develop digital solutions to enable people to send money to friends and relatives abroad more easily. According to The World Bank, remittances to low- and middle-income countries hit a record high in 2018 of $529 billion, an increase of 9.6% over 2017.