Not to be left behind by the likes of Samsung, Apple, and Google, LG is getting prepared to launch its own mobile payment service as early as June this year, at least in South Korea, as the company officially revealed.
LG Pay has been rumored for a while now, so getting a proper timeline on when we can expect the service to be available is good indication of progress.
Separate reports, originating from Reuters as well as from Korea mention that LG will be providing a convenient payment system to users equivalent to that of Samsung Pay with its MST technology. This is possible because LG has reached an agreement with U.S.-based Dynamics Inc. to make use of its Wireless Magnetic Communication technology. This technology allows people to make payments by touching their smartphones to regular credit card devices to send a magnetic signal from the phone, which is inline with previous reports claiming that LG will adopt MST as well. While the payment method is similar to Samsung Pay, the technology behind the algorithm is different, the Korean report claims.
LG Pay will launch officially on the LG G6 first, which already comes with the necessary hardware. Other handsets will be included in the service later through the year via software updates.
LG has not announced any plans to expand the service to other countries. For South Korea, LG is in talks with eight credit card companies, with seven of them expressing their intent on joining the service so far.
LG's announcement of LG Pay comes on the heels of Samsung launching Samsung Pay in India. LG has a lot of catching up to do if it wants to make LG Pay a major selling point for its devices.
What are your thoughts on LG bringing LG Pay services to South Korea? Let us know in the comments below!
Source: Reuters Source: Younhap.co.kr
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