The Korea Herald has revealed in a recent report, based on smartphone industry rumors, that device maker LG has efforts underway to release its new handset – LG G6 – in 2017.

The LG G6 handset, which will succeed the company’s poorly received G5, will reportedly come packed with a horde of new features, including iris scanning technology and a new mobile payment system.

With the success of the G6 handset being imperative for LG, especially after having suffered a nearly 800 Billion Won hit from the G5 handset’s disappointing sales, the rumored introduction of iris scanning on the new handset underscores a noteworthy move by the company. The move will enable LG to step up its competition with one of its main Android rivals, Samsung, which commercially debuted iris scanning on its now-discontinued Galaxy Note 7 handset.

Along with iris scanning technology, the forthcoming LG G6 handset will also boast a new mobile payments system – likely to be called ‘LG Pay’ – which LG will launch alongside the handset that will use Magnetic Secure Transmission (MST).

In addition, The Korea Herald report has also pointed out that, going by the industry rumors, the LG G6 handset will probably have a removable battery because of “issues of safety and yield.”