LG today jumped to the mobile payment service bandwagon with LG Pay. For now, the company’s payment service is only available to LG G6 owners in South Korea. The company is rolling out a software update for the handset in the country to enable the functionality.
LG Pay uses the Wireless Magnetic Communication technology to communicate with PoS terminals. Thus, similar to Samsung’s MST technology used in Samsung Pay, LG Pay will work across traditional payment terminals as well and not just the ones that support NFC.
At launch, LG Pay supports credit cards issued by Shinhan, KB, BC, and Lotte, though the Korean company claims it will add support for all major cards and banks in South Korea by the end of September.
Similar to Android Pay and Samsung Pay, once you set up LG Pay on your LG G6, you can use it to pay for your transactions at any PoS terminal and authorise it using the fingerprint sensor on the device.
It is unclear so far as to when LG plans on bringing LG Pay to other regions of the world. The LG G6 already supports Android Pay so you don’t necessarily need to wait for LG Pay to be available in your country to make payments using your smartphone.[Via Korea Herald]