The aim of the application feature is to allow for fast and secure transfers to people in other regions. Think of how Google Pay works when you send money to someone in the same city or state, but on a large, global scale.
Samsung Pay Money Transfer is powered by Travelex
Sending money to people worldwide safely and fast isn't generally an easy task. Not unless you have the right tools. With Samsung Pay that whole process is a lot easier for the average user.
All thanks to Travelex, who helps power the feature within the Samsung Pay app. The feature is also a partnership between Samsung and Finablr PLC. Which is a company who is well-versed in the business of global payment platforms.
Samsung provides the app and technology, and Finablr provides the global network that helps tie the payment transfers altogether. The result is a feature that allows seamless money transfer in many different global currencies.
There are multiple payout options, too
Money doesn't just float from one Samsung Pay account to another. There are actually multiple payout options, helping to afford users the most convenient way to get their money.
Users can have the money deposited directly into their bank account if they wish. And, this is probably the quickest option. Money is sent, money is received, and there's no trips to the bank. The feature also supports a cash available for pickup option.
With this method users can send money to the user in a way that the recipient is required to pick up the money. If you actually need physical currency, this is the way to go. An example of when this might be useful is if you're traveling abroad in Japan.
Japan is a culture and country that is still very much cash-based. Not a lot of places accept digital payments. Many places also won't accept credit or debit cards. With the Samsung Pay Money Transfer feature, this isn't an issue.
You could have someone send you a transfer of USD to Japanese Yen and have it set for pickup as cash. Naturally, money being transferred to different currencies is going to come along with an exchange rate.
This feature displays all associated fees and exchange rates before the transfer, so you know what the end cost is going to be right away.
Finablr and Samsung both also boast enhanced security so there's no worry over over stolen data, as the feature is backed by Samsung KNOX security technology. The feature is live inside of the Samsung Pay app as of today for all users.