Samsung Working With Ripple Partner, Finablr, on International Payments

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

In an announcement dated Oct. 3, Finablr said 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.

Tokenized credentials are used and Samsung Knox will store the keys.

The service is restricted to customers with Samsung devices.

"Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users' financial lives more convenient."

It is not clear whether Travelex will be using Ripple for any Samsung Pay transactions.

This move points to an increased use of financial cryptography and decentralized systems on Samsung devices.

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.