Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Samsung announced details today of an exchange program for the Galaxy Note 7, which is voluntarily being recalled over concerns that the battery could catch fire while charging.

"Samsung has identified the affected inventory and stopped sales and shipments of those devices," the company said in a statement. "For customers, who have Galaxy Note7 devices, Samsung will voluntarily replace their current device with a new one from today."

Byers Market Newsletter Get breaking news and insider analysis on the rapidly changing world of media and technology right to your inbox. This site is protected by recaptcha

The four major carriers in the U.S. — Verizon, T-Mobile, AT&T and Sprint — have all said customers can visit one of their retail locations to return or exchange the Galaxy Note 7 and any accessories they may have purchased to go with the device.

Related: Samsung Pulls 2.5M Galaxy Note 7s Over Battery Issue

Samsung said it would offer customers a $25 gift card, in-store credit or bill credit from their carrier "as a gesture of appreciation" if they chose a Galaxy S7 family device or opted for a new Galaxy Note7.

Customers with questions are also advised to visit or call the retail outlet where they purchased their phone or to call 1-800-SAMSUNG.

Retailing in the U.S. at around $850 per phone, the recall is a huge setback for the world's largest smartphone maker. It was not immediately clear when the new devices would be sold.

The unprecedented recall is a blow to the South Korean company, which saw billions of dollars removed from its share value this week. Shares rose after the recall was announced Friday morning and ended the day on the Korean Stock Exchange up 0.63 percent.

The Galaxy Note 7 launched on August 19 in markets including the U.S., with the company touting its iris security scanner as one of its standout features.