Mobile payments service Samsung Pay now allows its users to do cheap cross-border payments using the services of Ripple. Samsung made a deal with RippleNet member Finablr. As a result users can easily do cross-border payments to 47 countries using a variety of payment methods. This is all being done within Samsung’s own native mobile wallet.
Before transferring money, users will always see what the costs will be. There won’t be any surprises or hidden fees. The Money Transfer feature is now being rolled out to American users. The new service will expand to more markets next year.
“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”Sang Ahn, VP and Head of Content and Services, press release
Samsung Pay and its ‘Ripple payments’ are currently only available for Android devices. The app allows users to add payment cards to their phone. Consumers who own one of Samsung’s latest phones can also use the app for quick payments at public transit or at many POS terminals at retailers.
What’s the role of XRP?
RippleNet made many deals with banks worldwide. They offer cheap methods to transfer large amounts of money. The company is also behind the XRP token. With 11.8 billion dollars it’s the third largest cryptocurrency on the market. But for all the company’s innovations they hardly seem to use the cryptocurrency. None of the companies involved in this deal have denied or confirmed the usage of the XRP token.
Samsung is innovating a lot when it comes to embracing payment tools and financial technology. Their Galaxy S10 smartphone is already one of the most popular crypto-friendly phones on the market. Recently they announced support for many more currencies including bitcoin.
Also published on Medium.