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.
Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
