LG Electronics announced that it will launch its own mobile payment service dubbed ‘LG Pay’ across Korea, which will allow users to use their mobile phone as a credit card.
During the World IT Show 2017 exhibition currently under way in Seoul, the South Korean tech giant showcased LG Pay, which adopted the Wireless Magnetic Communication technology. Samsung Pay is equipped with the Magnetic Secure Transmission technology.
Users can register multiple credit cards into an LG Pay-enabled mobile phone and they choose one of pre-registered credit cards to pay. The payment service is supported by four credit card companies – Shinhan, KB, BC and Lotte – from June and by all of other Korean credit card companies from September, the company said.
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The service is based on wireless magnetic communication (WMC) technology, in which a credit card reader deciphers magnetic signals generated by a mobile phone. Nearly 90 percent of credit card readers support this magnetic payment system, making the service available at virtually all merchants.
To use this service, users need an antenna-embedded smartphone to enable magnetic communication. The LG G6, the company’s latest smartphone model released early this year, is the only model that is equipped with this antenna. The company aims to expand its mobile payment service through its future smartphone models.
LG said the service will be launched next month in South Korea and will be connected to the country’s eight major credit card companies.