Galaxy Note fans could find a new one in their hands earlier than expected. Samsung may launch the Galaxy Note 5 on August 12 in New York, followed by a rollout to major markets, according to DigiTimes.

Traditionally, Samsung has unveiled new Galaxy Note devices in September, during the IFA trade show in Berlin. But with strong iPhone sales dominating 2015, the South Korean smartphone maker may be trying to avoid direct competition with the anticipated launch of a new iPhone in September. Samsung may also unveil another phablet called the Galaxy S6 Edge Plus, which could sport a curved display similar to the S6 Edge. Both devices are expected to go on sale on August 21.

In addition to the handset, the company is also expected to launch its own mobile payment system -- Samsung Pay -- which can be used to make in-store contactless purchases by using Samsung’s latest Galaxy smartphones. The system bears similarities to other mobile payment services such as Apple Pay and Android Pay. But it can also use magnetic secure transmission (MST) technology to simulate a swipe made by a traditional magstripe credit card.

In recent weeks, leaked renderings showed that the Galaxy Note 5 may take on appearances similar to the S6 -- only much larger. The phablet is expected to come with a glass and metal body construction, 3GB RAM, a newly designed S-Pen, Exynos 7422 chip, 4100 mAh battery, 16MP camera and a 5.7-inch screen. What resolution it may end up at is still up for debate, as rumors have pointed towards either a 2K- or 4K-resolution AMOLED display.

Samsung’s anticipated early launch for the Note 5 comes a week after the company lowered sales and profit estimates ahead of its full earnings report at the end of July. The handset maker’s revised numbers placed profits at 6.9 trillion won ($6.1 billion), down 4 percent from the previous year. Total sales are also expected to drop 8 percent year-on-year to 48 trillion won ($42.3 billion), below analyst estimates of 52.8 trillion won.