Samsung Pay has continued to grow since it launched in 2015. Last year it finally got PayPal support and added the ability to purchase transport tickets in New York City. Now, Samsung is hoping to appeal to frequent travelers and those with family outside of the US by introducing a cross-border payments feature.
Users of Samsung Pay in the US will be able to transfer money to accounts in 47 countries including India, Mexico, China and the Philippines, with payout options including bank deposits and cash collection. Samsung says this will be the first in-app international money transfer service for users with a native mobile wallet in the US. Mobile payments services are popular in countries such as India and China but not so much in Europe or Northern America.
The payment service is powered by Travelex, the foreign exchange company owned by the Finablr payment platform. The app will show users all the fees and exchange rates their payments will be subject to up front before any funds are transferred, and recipients do not need to be Samsung Pay users themselves.
The money transfer feature in Samsung Pay is available now for US users and the company plans to expand to other countries next year.