LG has finally released its mobile payment service. Called LG Pay, it is only available in South Korea for now and is making its way to G6 devices via a software update. The company says that it also plans on bringing the service to other smartphones at a later date.
Unlike Samsung Pay which uses Magnetic Security Transmission (MST), LG Pay is based on the Wireless Magnetic Communication (WMC) technology. It currently 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.
Using LG Pay is simple. All you have to do is place your device near a payment terminal, approve the purchase with your fingerprint, and wait for the transaction to be completed. It basically works more or less the same as its competitors, which include Samsung Pay and Android Pay, among others.
Mobile payment services have the potential of becoming big business in the near future, so it’s no wonder that the company has decided to enter the market. However, it will have to expand LG Pay to other countries quickly if it wants to keep up with the competition.
Unfortunately, LG didn’t say when the service will make its way to other markets around the world. These things normally do take some time, as the tech giant has to get banks and credit card companies on board in each country it wants to do business in.