LG’s Payment Platform LG Pay Debuts in South Korea

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Online payment platforms have been on the rise. Samsung has the Samsung Pay, Android devices in general get the Android Pay, there’s Apple Pay for Apple users, Mi Pay for Xiaomi devices. LG too, as now debuted their own mobile payment platform – the LG Pay. This service, as of now, is only available in South Korea, and is available only for the users of the LG G6.

The service has started off from today, and is being rolled out for the users of LG G6 in South Korea via a software update. It supports credit cards from four major players in the South Korean markets: Shinhan, KB, BC, and Lotte. While it is limited to these four as of now, LG has also said that they plan to make it available for most banks in the country by September.

The LG Pay mobile payment system functions with the help of Wireless Magnetic Communication technology (WMC) which is different from how Samsung’s Magnetic Security Transmission (MST) based devices function. While the technology behind the two might be different, the use is similar. Users need to take their device near a payment terminal, and approve the payment with their finger on the fingerprint sensor.

Mobile Payment services have been rising at a rapid pace. Samsung Pay has reached a large number of nations, with India being one of their latest nations. Android Pay has been expanding too, as they just reached Russia and Canada over the past couple of days. As of now LG Pay is hardly a competition, but considering the scale at which LG operates on, the day won’t be far when we see LG targeting other nations as well. Mobile Payment Systems are a growing industry and we expect a major, global boom over the next year or two.

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