[THE INVESTOR] Samsung Electronics on Oct. 13 kicked off its recall of the Galaxy Note 7 in South Korea -- whereby customers can get a refund or swap their phones for another smartphone -- two days after it discontinued the device over safety concerns.

Consumers must visit stores where they bought the devices to get a refund or exchange. The recall program will be completed by the end of this year, according to local mobile carriers.

Buyers of the Note 7 had received free gifts, including Gear Fit 2, but they do not need to return the gifts. 


Consumers can exchange their Note 7s with smartphones made by other manufacturers.

If a customer decides to swap a Note 7 for another Samsung smartphone, such as the Galaxy S7 or the Galaxy S7 Edge, he or she will be offered a mobile gift card worth 30,000 won (US$26.60).

(theinvestor@heraldcorp.com)