LG’s mobile payment service ‘LG Pay’ to be launched in June in Korea
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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.
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.
Questions & Answers
Q.Which LG smartphone models will support the new LG Pay service at launch?
Which LG smartphone models will support the new LG Pay service at launch?
Initially, only the LG G6, released earlier this year, is equipped with the necessary antenna to enable magnetic communication for LG Pay. LG aims to expand support to future smartphone models.
Q.How widely will LG Pay be accepted by retailers in Korea once it launches?
How widely will LG Pay be accepted by retailers in Korea once it launches?
LG Pay is expected to be widely accepted as its wireless magnetic communication technology is compatible with nearly 90 percent of existing credit card readers. This makes it available at virtually all merchants.
Q.Which credit card companies will support LG Pay from its launch in June?
Which credit card companies will support LG Pay from its launch in June?
From June, LG Pay will be supported by Shinhan, KB, BC, and Lotte credit card companies. All other Korean credit card companies are expected to support the service from September.
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