Samsung officially confirmed a couple of days ago that the Galaxy Note 7 is its first handset to feature an iris scanner. The company also announced its Samsung Pass service which will provide an even safer mobile banking experience to users as Samsung is working with major financial institutions in the US to enable their apps to support user authentication using the iris scanner. Banks in Samsung’s home country of South Korea are also rushing to support the new security feature.

According to reports, KEB Hana Bank and Woori Bank are working on apps which take advantage of the Galaxy Note 7’s iris scanner. They are aiming to release the apps around the same time the Galaxy Note 7 is going to be released in the market. KEB Hana Bank calls it “Selca Banking,” Selca basically means selfie, which is an easy way of saying that users will be able to have a safer mobile banking experience by using the iris scanner for authentication. A similar service is being developed by Woori Bank. Shinhan Bank and KB Kookmin Bank are also said to be working on their apps for the Galaxy Note 7 that support its iris scanner. Clearly the banking industry is excited about this feature.