LG finally debuts its mobile payment system

LG finally launched its mobile payment service dubbed LG Pay on Friday, June 2. The digital wallet will invariably compete with Samsung Pay.

Payments conducted through a digital wallet are popular with tech savvy individuals. The payment system works by using NFC or near-field communication and a device that is compatible to conduct the payment.

According to the Korea Herald, LG revealed that it’s digital wallet is based on the Wireless Magnetic Communication technology, which will allow users to make payments by simply touching their compatible mobile phone to the credit card device.

LG Pay works on similar lines as Samsung Pay. However, Samsung’s mobile wallet system uses the Magnetic Secure Transmission technology instead of the Wireless Magnetic Communication technology to make payments.

“LG Pay is a service that allows users to pay offline on a smartphone just like a credit card. WMC (Wireless Magnetic Communication) technology, which generates magnetic signals from mobile devices and charges them when they are brought to a general credit card terminal, is installed (translated),” the company said.

LG shared that LG Pay would initially be available only through four major credit card brands, namely KB, Shinhan, Lotte and BC. However, the South Korean-based OEM plans to gradually expand and bring on board all major cards in the industry by September end.