Long speculated to enter the mobile payment service market, LG Electronics has finally announced the debut of the LG Pay, after showing it off at World IT Show 2017 exhibition in COEX in May. The service is available in South Korea and is currently only supported by the LG G6, which will receive it via a software upgrade.
The LG Pay is based on Wireless Magnetic Communication (WMC) technology and allows LG Phone users pay offline just like a credit card. LG’s contemporary in South Korea – Samsung uses Magnetic Secure Transmission (MST) on the Samsung Pay.
Up to 10 frequently used credit and check cards as well as membership and transportation cards, can be registered for usage.The service will at first support four credit card brands – Shinhan, KB, BC and Lotte, but by September, all card companies in Korea would support the service.
To make payment, the user needs to tap their phone against a credit card terminal and very payment with a fingerprint scan. Asides offline payment, LG is hoping to expand the LG Pay by offering various other services such as online payment and banking services.
Commenting on the launch, the executive director of the MC Product Planning Group at LG Electronics, Kim Hong-joo said:
“We will provide customers with safe and convenient next-generation mobile payment standards with ‘LG Pay’, which enables customers to easily and quickly settle their smartphones anywhere.”
Source: LG Social
