At long last, after almost two years of reporting on its development, LG has launched LG Pay in South Korea. First reported in 2015, but then confirmed to launch this June, LG Pay is LG’s mobile payments platform.
Very similar to what Samsung has with Samsung Pay, LG Pay is based on Wireless Magnetic Communication (WMC), instead of Magnetic Secure Transmission (MST) that Samsung uses. LG Pay allows select LG phone owners to touch their device to nearly any credit card terminal. After a fingerprint is provided to verify a purchase, you’re all done, with all receipt info and payment details stored securely on your device.
At this time, LG states that four credit card brands are supported in South Korea, Shinhan, KB, BC, and Lotte. However, by the end of September, LG says it shoots have all credit card brands in the country supported. As for which devices are supported, only the G6 is receiving a software update to allow for the service to work. LG does intend to include more devices down the road, but we are not sure on which ones.
For us in the US, we are uncertain when LG Pay will launch. It could be quite some time, or maybe never at all. Our market is dominated by Apple Pay, Android Pay, and Samsung Pay, so any newcomer would surely have quite the uphill climb. We’re certainly open to giving it a try, though.
LG users, how would you feel about having your own form of Samsung Pay? Awesome, right?