LG Electronics releases mobile payment tool

A model demonstrates LG Electronics Inc.'s mobile payment tool LG Pay in this

A model demonstrates LG Electronics Inc.'s mobile payment tool LG Pay in this

With all of this talk about Android Pay now being in Canada (joining Samsung Pay and Apple Pay) it's amusing to hear about yet another company working on its own mobile payment app. All credit cards in South Korea will be supported by September. For those owning the gorgeous G6 with the 'Full Vision' display, you all will receive the LG Pay wallet service via an over-the-air (OTA) software update. LG will be using Wireless Magnetic Communication, as opposed to Samsung's Magnetic Secure Transmission. It now supports credit cards from four issuers - Shinhan, KB, BC, and Lotte - but the tech giant claims that the service will work will all major cards in South Korea by the end of September. It will later be made available on LG's other phones. It uses technology similar to Samsung's MST system to ensure contactless compatibility with older, swipe-based card readers; also like Samsung Pay, as well as Apple Pay, the system requires a fingerprint scan to verify each transaction.

That may sound a bit harsh, but at least for the time being, we're not seeing anything special about LG Pay. However, it will have to expand LG Pay to other countries quickly if it wants to keep up with the competition. In addition to offline payment, LG plans to expand LG Pay support for online payment and banking services soon.

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