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.
The Consumer Financial Protection Bureau is rescinding two rules issued under former CFPB Director Rohit Chopra that required nonbanks to register court orders, plus terms and conditions of contracts.
The payments giant had a "better than expected" fiscal fourth quarter, and said it expected that momentum to carry through the holidays. It's also looking forward to tailwinds brought by the Olympics and the FIFA World Cup in 2026.
Brian McEvoy, chief retail banking officer at Webster Five in Central Massachusetts, says community banks are in a unique position to serve more small businesses. He was a speaker Tuesday at American Banker's 2025 Small Business Banking conference.
Park National Corp's $317 million, all-stock deal for First Citizens Bancshares would give the buyer a presence in markets that are expected to grow faster than its legacy Ohio footprint.
Anchorage Digital Bank, Custodia Bank and Erebor Bank could be among the first recipients of limited, special-purpose payment accounts recently floated by Federal Reserve Gov. Christopher Waller.
