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.
Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
