[LG Mobile YouTube channel]
LG Electronics will launch its new mobile payment service "LG PAY" this week, according to a financial specialist media. The digital wallet service will be made available by upgrading the software of its latest smartphone G6.
LG will start servicing LG PAY from Thursday, NEWS Prime reported, citing an industry insider. LG PAY, only available on G6 for the time being, will become the key feature of future LG smartphones. The payment service uses WMC (Wireless Magnetic Communication) technology which mimics features of the magnetic stripes used by plastic cards. LG PAY can be used on conventional cash registers with magnetic card readers.
The company has partnered with eight major South Korean credit card services including Shinhan, KB, NH and Lotte Card. LG said it would gradually expand its partnership.
LG PAY will be the second mobile payment service using NFC (Near Field Communication) technology and magnetic stripe mimicking. Samsung preoccupied the market with "Samsung Pay" using MST (Magnetic Secure Transmission), similar to LG PAY's WMC in 2015.
Samsung Pay is available in a dozen countries including the United States, China, Australia and Canada. However, LG PAY will be available only in South Korea for now. LG's flagship phone released at home supports it without the wireless charging feature.
Park Sae-jin = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
