LG has just launched its mobile payments service in South Korea. Now with this launch, the service will be competing with similar service from other providers the major one being Samsung.
However, the launch comes after nearly three months when the company first announced the service in March this year. After Apple, Samsung, and Google, LG has now become the fourth company to launch its own payments service.The company's payment tool has been dubbed as LG Pay.
LG's service is based on Wireless Magnetic Communication tech which is quite different from Samsung Pay's Magnetic Security Transmission (MST). But the service functions in a similar fashion to Apple and Samsung. You will be able to make payments by touching your phones to regular credit card devices. Moreover, you might be required to scan your fingerprints before each transaction.
That being said, the service as of now has been launched in South Korea. As it is in the initial stage the service will support four credit card brands, including Shinhan, KB, BC and Lotte. As per LG, other companies will be added to the list by September-end.
Coming to which devices will support the service, LG has stated that the payment tool will be first supported by the company's flagship LG G6. The service will be arriving in the form of a software update for this smartphone. Support for other devices should arrive soon and the company should disclose the names in the coming days.