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U.S. Samsung Pay users can now transfer cash

Oct 05,2019
Samsung Pay users in the United States are now able to send money to people from 40 countries, including Korea, China and India.

Samsung Electronics on Friday confirmed that the new mobile payment feature allows U.S. users to directly transfer money to a recipient’s bank account or a local cash pickup point like a currency exchange. This means recipients will not have to be Samsung Pay users for senders to make the transaction.

U.S. users will be able to send money to people living in 47 countries and will be able to check the transfer fee and foreign exchange rates before a transaction is initiated, which will be facilitated by Britain-based financial services holding company Finablr, a subsidiary of Travelex.

The new service marks the first time a mobile wallet app in the United States has offered foreign exchange services, according to Samsung.

“Money transfers are a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient,” said Sang Ahn, vice president and division head of content and services at Samsung Electronics America, in a statement.

“The range of services in Samsung Pay, developed in collaboration with industry leaders such as Finablr, position us to positively impact consumers’ everyday financial experiences.”

Samsung Pay is a comprehensive mobile payment solution that supports credit cards and debit cards. It works in locations where Samsung Pay and Mastercard are accepted.

Samsung and Finablr plan to expand the international money transfer service to other countries by next year.

China currently has the largest market for digital transactions.

According to Euromonitor International Korea, China’s mobile remote purchases in 2018 stood at $1.08 million, distantly followed by $590,000 in the United States and $83,000 in Japan. Korea was fourth with $67,000.

BY JIN MIN-JI [jin.minji@joongang.co.kr]