Samsung joined hands with global payment platform Finablr to enable its smartphone users to transfer money.
Samsung will lower transfer fees. Users can transfer money from the United States to 47 countries. Samsung said its security system is well proven.
Forbes reported that Samsung seeks to overtake Apple in the money transfer market. Apple Pay accounted for 77 percent of mobile wallet transactions, far higher Samsung Pay’s 17 percent.
Samsung also seeks to play a leading role in the digital commerce market through smartphones. Smartphones captured about 48 percent of global digital commerce transactions last year. Asia captured half of the market, thanks to China’s active use.
According to the McKinsey report, smartphones will account for 70 percent of global digital commerce by 2022. Sales would top $4.6 trillion.
It is still unclear whether Samsung will use blockchain to activate the global money transfer service.
