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Samsung Pay Will Let Galaxy Note 7 Users Pay With Their Eyes

Samsung Pay is getting even more tech-savvy with a new feature that lets you make a payment with your eyes.

According to a report, with the feature, which is part of Samsung Pay version 2.3, consumers can do a bunch of new things, including using their retina to buy things. The feature, however, only works with the Galaxy Note 7, which is in the midst of a massive recall after reports that the batteries can catch fire or explode.

Earlier this month, Samsung took a major hit when it was forced to halt sales of its flagship Galaxy Note 7 smartphone after reports that some of the phones catch fire or explode while charging because of a battery issue. The company has sold 2.5 million units since the phone’s launch on Aug. 19 and had to recall them across 10 countries. Things got worse for the world’s leading smartphone maker after the U.S. Consumer Product Safety Commission issued a recall for Samsung’s Galaxy Note 7 phone.

Over the weekend, Samsung said in a statement it had divested itself of stakes in four technology companies to help pay for the recall. According to the statement, Samsung sold all of its shares in Seagate Technology, Rambus and Japan’s Sharp Corp. It has also sold half of its stake in Dutch semiconductor company ASML Holding. A Samsung spokeswoman told Reuters the sales netted $888.85 million. The company has estimated that it would need a billion dollars to pay for the recall of more than 2.5 million phones.

Samsung is also expanding Samsung Pay around the world. In June, Samsung Pay officially launched in Spain, bringing the mobile wallet into its first European country. Samsung Pay is the first mobile payment service of its kind to be launched in Spain, giving it a head start in the market over Apple Pay and Android Pay. “Our goal with Samsung Pay is to drive and lead innovation in mobile commerce, giving consumers a safer, smarter and better mobile wallet,” Victor Kim, global director of Samsung Pay, explained in a press release.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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