LG is officially throwing its hat into the mobile payments arena with the launch of LG Pay in Korea. Available only on the flagship LG G6 handset, its technology has a lot in common with Samsung Pay, but may not be much of a challenge to its…
Today, LG is officially throwing its hat into the mobile payments arena with the launch of LG Pay in Korea. Available only on the flagship LG G6 handset, its technology has a lot in common with Samsung Pay, but may not be much of a challenge to its rival if it should come to the U. S.
Like Samsung’s Magnetic Secure Transmission (MST) technology, LG Pay’s proprietary Wireless Magnetic Communication (WMC) system can emulate a magstripe signal wirelessly as a fallback on most terminals that cannot accept Near Field Communication payments. LG Pay will initially go live with four major Korean banks (Shinhan, KB, BC and Lotte) with all other local issuers participating by September.
