Just as it had promised, LG today announced the launch of its mobile payment service in South Korea, dubbed LG Pay. Now, LG has finally launched the LG Pay service in South Korea. Called LG Pay, it is only available in South Korea for now and is making its way to G6 devices via a software update. Moreover, you might be required to scan your fingerprints before each transaction. At the same time, LG has also indicated that they plan to expand the service to other LG devices as well.
LG made an agreement with Dynamics Inc., a US-based company to make use of its Wireless Magnetic Communication (WMC) technology.
Also, the payment service will initially be available only through four credit card companies - Shinhan, KB, BC and Lotte, however, by the end of September, all the major brands will be covered, as per LG.
Users of LG Pay will be able to make payments by touching their phones to regular credit card devices. However, it will have to expand LG Pay to other countries quickly if it wants to keep up with the competition. Beyond providing payment at point-of-sale, LG revealed that it is working to support for online payments and other banking services.