The newest Samsung smartwatch will include the Samsung Pay mobile wallet to allow users to make payments at terminals that accept swipe or contactless payments.
The Gear S3 LTE or Bluetooth models will include Magnetic Secure Transmission and Near Field Communication technologies for Samsung Pay, making it the first wearable device to include MST, Samsung Electronics America said in a Nov. 3 press release. MST essentially emulates a magstripe swipe transaction through the smartphone.
Users can initiate transactions from their wrists at 90% of the top 250 stores in America, Samsung said.
A Samsung Electronics Co. Galaxy Gear S2 smartwatch is displayed at the SK Telecom Co. T World Cafe store in Seoul, South Korea, on Monday, Jan. 25, 2016. SK Telecom is scheduled to announce fourth-quarter earnings on Feb. 02. Photographer: SeongJoon Cho/Bloomberg
SeongJoon Cho/Bloomberg
"Consumers are increasingly recognizing the benefits of a smartwatch that operates even without their phone,” Gary Riding, senior vice president of product marketing at Samsung Electronics America, said in the release.
Samsung is in the process of expanding Samsung Pay's features and reach, often using its home turf of South Korea as a test bed.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.
The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.
The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.
