Mobile payment services are on their way to becoming big business worldwide. Samsung Pay and Android Pay are already available in quite a few countries around the world and are expected to expand to many others eventually. Both of them will soon be facing a new competitor, as LG has announced it plans to launch its own mobile payment service in a few months.
LG Pay will officially launch in June in partnership with the US payment solution company Dynamics Payments. The service will first come to the G6 through a software update but will eventually make its way to other devices as well. LG Pay will work similarly to Samsung Pay, through a technology called magnetic secure transmission (MST). That means users will be able to pay with their phones even on points of sales that don’t feature NFC.
Unfortunately, it will only be available in South Korea at launch. However, we do expect that the service will eventually come to other markets, especially if it turns out to be successful in LG’s home country.
The tech giant said that out of the eight credit card companies located in South Korea, seven have already decided to support LG Pay. It also mentioned that it is in talks with the remaining one, but did not specify any names.
In other LG-related news, the company’s flagship device is apparently doing very well in South Korea. According to the local research firm Atlas Research & Consulting, the G6 was the most sold smartphone in the first week since its launch. Consumers bought more than 30,000 units in just the first two days.