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Samsung has apparently added 16 new banks and credit unions under the ambit of Samsung Pay. Reuters/Beawiharta

The Samsung Galaxy S7 is expected to release in the first quarter of the next year. Although the South Korean tech giant has been releasing its Galaxy S series smartphones in month of March or April, early speculations suggest that the Samsung Galaxy S7 will be released in January this time.

According to SamMobile that cites a South Korea's Electronic Times, the design of the Galaxy S7 may have been already finalized in the previous month. It also stated that the company is hurrying up the production process of the handset in order to announce it on Jan. 19.

The source also stated that Samsung will be releasing a premium as well as sub-premium edition of the Galaxy S7. According to Phone Arena, the sub-premium Galaxy S7 variant will be built to compete with the likes of the Google Nexus 5X, the Moto X Pure Edition and the OnePlus 2.

The Galaxy S7 premium edition will be featuring a chipset manufactured by Samsung. However, the sub-premium model will be powered by a chipset from Qualcomm or MediaTek.

Previous rumors have suggested that Samsung Galaxy S7 will be available in three variations of chipset for different markets of the world. The Galaxy S7 is speculated to be available in chipset variants like the Exynos 8890, the Exynos 7422 and the Snapdragon 820, GSM Arena reported.

The Indian edition of the Galaxy S7 is rumored to feature the Exynos 7422 chipset. The Exynos 8890 chipset will be aimed towards markets like South Korea, Japan and Europe. Lastly, the Snapdragon 820 edition will be coming to U.S. and China.

In the past, Samsung has always used the Mobile World Congress (MWC) tech trade platform that is held in February or March annually to announce its Galaxy S series handsets. In this year, the Galaxy S6 was announced on March 1. However, since the Galaxy S7 is poised to release on Jan. 19, the South Korean company may announce the handset during the Consumer Electronics Show (CES) 2016.