Finablr launches money transfer service with Samsung Pay

Payments platform provider Finablr announced the launch of a money transfer feature in Samsung Pay on Thursday, alongside Samsung Electronics America.

The FTSE 250 company said the new in-app international money transfer service offered users “seamless and secure” cross-border payments to 47 countries, through a variety of payout methods, all within Samsung's native mobile wallet.

Money transfer in Samsung Pay was available now in the United States, and would be expanded to further markets in 2020.

“We are delighted to be partnering with Samsung to launch the new in-app money transfer service,” said Finablr chief executive officer Promoth Manghat.

“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 initial public offering.”

Manghat said combining the firm’s “industry-leading” network and “pioneering” technology with Samsung's leadership in the mobile device market allowed its to drive innovation at a scale that was unique in the $127trn 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.”