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.
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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.
JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
