In March this year, LG announced that the company will be launching its own payments service – called LG Pay – to rival the ones offered by other major players including Samsung and Apple. At the time, LG said that South Korea will be the first country to get support for its payment service in June and in line with its announcement, it has now rolled out the service in its home country.
LG Electronics on Friday launched LG Pay, which makes use of Wireless Magnetic Communication technology unlike Magnetic Secure Transmission technology used by rival service Samsung Pay (which also supports NFC, like Apple Pay), as per a report by Korea Herald. The South Korean company has reportedly said that LG Pay will initially be available through four credit card brands including Shinhan, KB, BC, and Lotte. However, it has been said to gradually expand to cover all industry players by the end of September.
As announced earlier, LG Pay will be first supported by the company’s LG G6 flagship, but the company is planning to provide the support to more devices going ahead. Notably, LG Pay service requires the user’s fingerprint for every single transaction and thereby has been claimed to improve security while transacting.
It will be interesting to see which payment service will be able to become as mainstream as other payment methods but needless to say, Android users are increasingly getting more payment options as major players are stepping into the game.