According to the Bitcoin Exchange Guide reported on October 6, South Korea's technology giant Samsung's mobile payment service – Samsung payment and payment platform and RippleNet member Finablr cooperation, will provide cross-border payment functions to users of its applications.
( Source: pixabay )
The payment platform Finablr announced the news on October 3rd, saying that the new feature "will provide users with seamless and secure cross-border payments through multiple payment methods, and its services will cover 47 countries, at the same time, All payments will be made through Samsung's mobile wallet."
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In addition, US customers paid by Samsung can use their debit or credit card to send money through this service. To ensure security, the system also uses a pass-through certificate supported by Samsung Knox.
Sang Ahn, vice president and head of content and services at Samsung Electronics USA, spoke about Samsung’s vision of paying:
Our vision is to develop Samsung Payment into a platform that makes users' financial lives more convenient, and transfer is the first step towards achieving this vision. Samsung Pays offers a range of services developed in close collaboration with industry leaders such as Finablr, which enables us to have a positive impact on consumers' everyday financial experiences.
Finablr's announcement also stated that all fees, including service fees and exchange rates, have been provided to users in advance. This is a major move because it will allow users to know in advance what they are investing in.
Currently, the above services have been launched in the United States, and the company plans to expand its services to other markets next year.
Promoth Manghat, CEO of the Finablr Group, said:
We are pleased to partner with Samsung to launch this new in-app cross-border payment feature. Based on our integrated technology platform, this service demonstrates our ability to drive payment innovation. Combined with our industry-leading network and advanced technology, and Samsung's leadership in the mobile device market, we are able to innovate in the $127 trillion global cross-border payment market. This partnership helps us achieve our goals faster, meet the changing needs of financial consumers, and further strengthen our position as the preferred partner of global payment and technology companies.