Oct 25, 2016 01:59 PM EDT By Noi Ramirez, UniversityHerald Reporter

Samsung Galaxy Note 7 owners in Korea can bag the Galaxy S8 or Galaxy Note 8 at half the price when they hit store shelves in 2017.

Samsung is offering Note 7 owners in South Korea an opportunity to upgrade their smartphone for half the price of the Note 8 when the handset becomes available next year. The deal is said to be an ongoing exchange program of the company for the Note 7 in its home country, The Verge has learned.

In a statement, Samsung said customers who trade in their Note 7 for a flat or curved screen version for the Galaxy S7 could trade it up for a Galaxy S8 or a Note 8 next year through an upgrade program. The Note 7 was permanently discontinued after reports of fire causing malfunctions of the flagship device. Refunds or exchanges for a Galaxy S7 were also offered in addition to financial incentives already given, amounting to 100,000 won ($88.39) to customers in South Korea, Reuters reported.

Samsung was asked if other markets would be accorded with the same deal, but the company replied by saying it would depend on "the situation in each country." As stated by Samsung, users who will avail of the upgrade program will need only to pay half the price for a Galaxy S7 before exchanging the unit to the Galaxy S8 or the Note 8

Offering incentives is the latest attempt by Samsung to keep Note 7 owners loyal to the brand. Citing the United States as an example, Note 7 owners can get $25 in credit if they refund the defective unit or exchange it for another device. However, if the customer opts to exchange it for another Samsung phone, the credit incentive is raised up to $100.

Samsung is making up for lost time by stepping up promotion of its Galaxy S line to try and recoup some of its lost sales. The Note 7 debacle has already cost Samsung $5.4 billion won ($4.76 million) in operating profit for the third quarter of this year up to the first quarter of 2017.

Samsung is facing legal challenges in South Korea from 526 individuals who are seeking compensation of 500,000 won ($442.62) per person. It is also facing a class-action lawsuit filed by 3 Note7 users in the U.S.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit