Samsung Pay adds cross-border transfers, prepaid Mastercard to its app
Samsung Pay users can use the app to send funds across borders to recipients with a bank account through a new service powered by Travelex.
Money Transfer, a new option within the Samsung Pay app, enables users to send funds to recipients in 47 countries on Travelex Currency Services’ rails, using a recipient’s bank account or SWIFT.
Senders may use the credit or debit card they have already linked to Samsung Pay to fund payments; there is no option to use a bank account, according to the Money Transfer website. The minimum transfer amount is $50 and fees vary depending on local currency rates, and the recipient’s bank may charge additional fees.
Available only in the U.S. now, Samsung plans to expand the service to other international markets next year, according to a release.
The move follows Travelex’s recent announcement of support for B2B payments through Finabler, its parent company. Entrepreneur B.R. Shetty bought Travelex a few years go to operate alongside Finabler’s other international currency services including UAE Exchange, a longtime foreign currency exchange operation based in Abu Dhabi.
Separately, Samsung Pay said Thursday that it has rolled out Samsung Pay Cash, a virtual prepaid card created with Netspend and Mastercard.
Samsung Pay Cash enables users to store funds and pay without exposing payment card details, and to serve as a budgeting tool for managing cash within the Samsung Pay app.
“We envision a future in which people can leave their cash and cards at home, take care of everyday financial matters easily, and earn rewards along the way,” said Sang W. Ahn, Samsung’s vice president and division head of content and services, in a corporate blog post.