Samsung Ripple
Samsung to Work with Ripple Partner Finablr on International Payments
October 11, 2019
Samsung Ripple
Samsung to Work with Ripple Partner Finablr on International Payments
October 11, 2019

Samsung Pay has an international remittance feature, utilizing a platform owned by Finablr, a London-listed Ripple partner.

Currently, the service is available only in the United States (branded as Money Transfer), with the exception of Oklahoma, and will be rolled out to other countries next year.

On October 3, in an announcement, Finablr said that the cooperation with Samsung Electronics America involves a new in-app feature that allows for the remittance of funds to foreign recipients. Customers can initiate transfers using credit or debit cards registered with Samsung Pay, and the money can be sent to designated recipients as cash or to their bank accounts.

Likewise, the company said in an announcement that the transactions will be transparent, with all fees and rates disclosed at the time of the exchange, though no pricing was made available in the announcement. Tokenized credentials are used and Samsung Knox will store the keys.

Transfers can be sent to 47 countries, including Australia, Britain, Canada, China, Germany, Japan, Kenya, Mexico, New Zealand, the Philippines, South Korea, Spain, Thailand, and Vietnam.

ALSO READ :  Advantages of Blockchain In Healthcare

However, the service is restricted to customers with Samsung devices. In a statement, Sang W. Ahn, the Vice President of Samsung Electronics America, said:

“Money Transfer is the first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.”

Sang W. Ahn

The payments themselves are actually handled by Travelex, the British company dating back to 1976 and recently acquired by Finablr.

It is not clear whether Travelex will be using Ripple for any Samsung Pay transactions or not. For some transactions, the company will still use the traditional Swift network. This move points to increased use of financial cryptography and decentralized systems on Samsung devices.

In particular, people cannot use the service to buy and sell cryptocurrency.

UAE Exchange and Unimoni, other Finablr subsidiaries, are working with Ripple technology and have been using it for transactions to Thailand since early 2019.

Samsung has been actively developing blockchain for its devices. Thus, the company released the Galaxy Note 10 with a cryptocurrency wallet in September. It added bitcoin support to its phones in August. And it has also discussed developing its own blockchain network and its own coin.

ALSO READ :  National Bank of Egypt Signs Agreement With Ripple To Establish New Channels For Inward Remittances



Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Blockchain in Charity

Blockchain in Charity

Charity is an organization set up to provide help and raise money for those in need. And charitable organizations encounter barriers to success due to a lack of transparency, accountability issues, and limits to the...

Industries to be Disrupted by Blockchain

Industries to be Disrupted by Blockchain

Technologies bring innovation and better opportunities across the globe by transforming the way how businesses work and because of which we listed out industries to be disrupted by Blockchain. Blockchain is one of the...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.