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Samsung-Finablr deal on overseas payments does not involve Ripple or XRP

Yogita Khatri

Samsung Electronics America recently collaborated with fintech firm Finablr to launch a money transfer service via the Samsung Pay app. The feature is being powered by Finablr’s subsidiary Travelex.

Finablr is one of Ripple's partners, however, its deal with Samsung does not involve Ripple or XRP, a Finablr spokesperson told The Block on Thursday.

“The new in-app cross-border money transfer service, powered by Finablr company Travelex, does not involve Ripple or XRP solutions,” said the spokesperson, adding that it leverages Finablr’s technology and global reach to provide the service to Samsung Pay users.

The service allows U.S. Samsung Pay users to make payments to residents in 47 countries, using personal debit or credit cards linked to the app. 

“Our consumers are global and have friends and family around the world. Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient,” said Sang W. Ahn, vice president and division head of content and services at Samsung Electronics America.

Finablr said the service will be expanded to other countries in the next year. The fintech firm's other two subsidiaries, Unimoni and UAE Exchange, have notably been using Ripple’s blockchain-based payments network, RippleNet, for cross-border remittances to Thailand since February.