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Samsung Taps Finablr To Enter The Cross-Border Payments Market

The cross border payments market is huge as people across the globe send money back and forth. Samsung Electronics America wants a piece of that $700 billion opportunity and just announced a new service to meet that end.

Dubbed Money Transfer, with the new feature U.S. customers of Samsung Pay can send cross border payments to 47 countries via Samsung’s digital wallet including India, Mexico, China, Philippines and major markets in Africa. Money Transfer will be rolled out to other markets in 2020. The South Korean consumer electronics company is teaming up with Travelex, a unit of UK payment platform Finablr to make this service a reality.

“There’s a huge need for consumers around the world to send money securely,” said Mehul Desai, Finablr CTO. “We want to reduce friction and bring more convenience.” According to Desai one of the big complaints about cross-border payments is the lack of transparency in terms of the fees associated with transferring money. Users don’t always know how much it costs to send money to family or friends outside of their home country.

With Money Transfer all of the fees and exchange rates are included upfront so customers know how much they are paying before they hit send. Desai said the fees will vary depending on the amount and where it’s being sent but can be as low $1.72. He declined to say how high the percentage could be other than its competitive with other industry players. Western Union, the leader in cross-border payments charges roughly 5% on average while fintech startup Remitly charges an average of 1.3%.

Today In: Money

Sending money internationally is made easy through Samsung Pay. Customers can use existing debit or credit cards registered with Samsung Pay to send money in most of the major currencies via Finablr’s global network. Recipients can have the money deposited into a bank or can choose to pick it up from a store.

Entering the cross-border payments market is a natural next step for Samsung Pay, which has been enabling digital payments since August of 2015. In order to get an edge over its first-place rival Apple Pay, it has to offer more. According to research firm Auriemma Group, as of last fall Apple Pay represented 77% of mobile wallet transactions. Samsung Pay was a distant second, accounting for 17% of digital payments. Part of the reason is Apple Pay was first to the market and as a result has enjoyed higher adoption rates than its rival.

“Our consumers are global and have friends and family around the world,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America in a press release announcing the service. “Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.”

In the cross-border payments market, Samsung Pay faces steep competition from the likes of Western Union, Remitly and fintech startups such as TransferWise. Western Union is constantly reinventing itself to ensure it remains relevant in the global money transfer market. It recently announced it’s expanding its real-time global payment services to include transfers from bank accounts and digital wallets in 17 countries. In June it forged an alliance with Visa in which Western Union will use Visa Direct, the real-time push payments platform to speed up money transfers.

Meanwhile, Remitly recently raised $200 million in venture funding, giving it a valuation of close to $1 billion. And Transferwise just launched a debit card in the U.S. that works in multiple currencies at once, enabling people to shop and send money globally.

Despite all that, Samsung and Finablr seem undeterred. They point to Finablr’s platform, international reach and 40 years of cross-border payments expertise, as reasons they will be winners. “Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market, allows us to innovate at a scale that is unique in the US$127 trillion global cross-border payments market,” said Promoth Manghat, Group Chief Executive Officer at Finablr in prepared remarks. “This partnership advances our mission to meet the evolving needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.”

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A journalist for more than fifteen years, I am a freelance writer reporting on personal finance, entrepreneurship, investments, fintech and technology for a variety of media outlets. What sets me apart from my peers is my ability to take complex topics and explain it to the masses. After years of covering the equities markets as a technology reporter and special contributor to the Wall Street Journal, I embarked on a freelance career providing my readers with invaluable advice on everything from investing to landing a job. With the intersection between personal finance and technology getting blurred, cutting through the fintech noise and getting to the bottom of the story is becoming increasingly important to readers around the globe.

Source: Samsung Taps Finablr To Enter The Cross-Border Payments Market

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Galaxy Note 10 Exclusive Reveals Samsung’s Surprise Upgrade

Samsung is heavily redesigning the Galaxy Note 10 with some killer tech, but it appeared the company was about to blow the basics. Until now. 

Samsung Galaxy Note 10 concept based on leaks

Samsung Galaxy Note 10 concept based on leaks

CONCEPT CREATOR

Following news Samsung is pulling 25W fast charging from the Galaxy Note 10 (seemingly because it’s rubbish), popular insider Ice Universe has updated his information to reveal Samsung will actually fit a charger more powerful than 25W. Moreover, I have also been able to verify this myself through a trusted source.

“You should be thinking bigger [not smaller]. That’s all I can say about it right now but expect to be pleasantly surprised and not disappointed when the charging specs are released publicly,” revealed my source.

Similarly, Ice Universe added the image of Superman’s S logo in his update leading many to believe this teases 50-watt charging. While seemingly outlandish (the Galaxy S10 has a 15W charger), this is actually very real with Oppo’s SuperVOOC charger hitting approximately 50W and charging its Find X Lamborghini from 0-100% in just 35 minutes.

Galaxy Note 10 concept render based on leaks

Galaxy Note 10 concept render based on leaks

With this in mind, when Ice Universe notes Samsung’s “battery capacity and charging speed will no longer be Samsung’s weaknesses” and could even be an advantage, 50W is the bar set by the competition.

Furthermore, if Samsung nails this then it could prove to be the cherry on the top. We already know the Galaxy Note 10 will outgun the S10, feature a better camera and Verizon has let the cat out of the bag that the Note will have 5G at launch. So throw ballistic fast charging into the mix and Samsung is going to have a big hit on its hands.

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More On Forbes

Samsung’s Galaxy Note 10 May Have A ‘Symmetrical’ Design

Verizon Confirms Samsung’s 5G Galaxy Note 10

Samsung’s Galaxy S10 Has A Big Note 10 Problem

Galaxy Note 10 ‘Pro’ Edition Surfaces For The First Time

Samsung Galaxy S10 Vs Galaxy S10 Plus: What’s The Difference?

I am an experienced freelance technology journalist. I have written for Wired, The Next Web, TrustedReviews, The Guardian and the BBC in addition to Forbes.

Source: Galaxy Note 10 Exclusive Reveals Samsung’s Surprise Upgrade

Samsung Leak Reveals New Foldable Phone, Next-Generation Flagship Smartphone And Tablet

In a teaser video uncovered Friday by Slashleaks, a website specialized in aggregating tech leaks, Samsung’s Vietnamese subsidiary accidentally leaked upcoming mobile devices that the South Korean company plans to unveil later this month including a foldable phone and the next-generation of its flagship smartphone, the Galaxy S10, and Galaxy Tab tablet computer……………

Source: Samsung Leak Reveals New Foldable Phone, Next-Generation Flagship Smartphone And Tablet

We Tried The World’s First Folding Phone, & It Actually Works – Nick Statt

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Samsung may be just days away from taking the wraps off its very own foldable smartphone-tablet hybrid, but consumer electronics company Royole has stolen a bit of its thunder with its very own flexible display device. Called the FlexPai, the 7.8-inch hybrid device can fold 180 degrees and transform from a tablet into a phone, albeit a bulky one. At an event in San Francisco this evening, Royole brought out a working version of the FlexPai that we actually got to hold, and the folding feature works as advertised. Granted, it feels miles away in quality from a high-end modern flagship, but it is still the first real foldable device I’ve seen in person, and not just in a concept video or prototype stage…….

Read more: https://www.theverge.com/circuitbreaker/2018/11/5/18067116/royole-flexpai-flexible-display-foldable-smartphone-tablet-pricing-features-release-date

 

 

 

 

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Samsung Pay Comes to Africa, Launching In South Africa – Toby Shapshak

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Samsung Pay, the mobile payment from the world’s largest smartphone maker, has launched in South Africa.

Calling it the first such service in Africa, Samsung has partnered with two of South Africa’s big banks, Absa and Standard Bank through MasterCard and Visa cards.

The system took three years to set up, says Sung Yoon, president and CEO of Samsung Electronics Africa, working with the banks and the regulatory body, the Payments Association of South Africa (Pasa).

Because of the country’s mobile-first nature, he says “acceptance of Samsung Pay at launch in South Africa is much better than 2015 in the US when it launched. People in South Africa understand the technology better today, too, than users in the US did three years ago.”

Samsung Pay uses Galaxy handsets from the world’s largest smartphone maker to make payments using both MST and NFC technology – or tapping your phone on a point-of-sale terminal.

Once the app has been installed and credit cards have been added, people can make a payment just by authenticating themselves in the app – using a Pin code, fingerprint or iris scan.

The security is built on its “defence-grade Samsung Knox security platform and biometric authentication” which it installs on its smartphones.

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Samsung Announces Multi-Billion Dollar Investment in AI, 5G, & More – Paul Hill

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Samsung has announced that it will invest 25 trillion Korean Won, or $22 billion into innovative industries such as artificial intelligence, 5G, automotive electronic parts, and biopharmaceuticals. The firm plans to take this action by making investments into businesses, and will look to deplete the fund over the next three years.

According to the Korean tech giant, the announcement comes after many months of deliberations and review by the management and board of directors of different Samsung companies that plan to make investments. As part of the plan, it will open up its venture incubation programme to external and internal start-up projects and provide software training.

It said it wants to invest in AI because it believes future innovations will be based around the technology, and it said that 5G will power new opportunities in autonomous driving, the Internet of Things (IoT), and robotics. With its investment in AI, it will increase its own capability, increasing the number of researchers to 1,000 across its global AI Centers. On the 5G front, it will invest to become a global player in the advanced markets for 5G chipsets and related devices and equipment.

With regards to the impact the investment will have on IoT, autonomous vehicles, and biopharmaceuticals, Samsung said:

“Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases.”

All-in-all, Samsung expects to create 40,000 new jobs over the next three years, which includes creating 20,000 new jobs on top of previous hiring plans – it said this shows Samsung’s commitment to support youth employment. Alongside direct employment, the investment is expected to help create 700,000 new jobs in related industries and businesses.

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Samsung has created a giant digital whiteboard -Tech News

(Source: http://www.theverge.com) Samsung is unveiling Flip today at the Consumer Electronics Show, a 55-inch digital whiteboard that can be flipped between portrait and horizontal orientations. It’s designed for meeting rooms, and comes with a height-adjustable stand that can be wheeled around offices freely. Samsung isn’t revealing exactly what operating system or software is powering the […]

via Samsung has created a giant digital whiteboard — Kopitiam Bot

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