As expected, LG Electronics has officially launched its own payment service in South Korea. It is called LG Pay, which was showing it off at World IT Show 2017 exhibition in COEX last month.
This payment is utilized Wireless Magnetic Communication (WMC) technology. Meanwhile a magnetic technology can be used as an ordinary credit card when making offline payments. Thus, a magnetic signal is generated from a mobile device and is paid to a credit card terminal.
Company mentioned that LG Pay would be initially available through four credit card brands – Shinhan, KB, BC and Lotte. But it will expand to more banks by September 2017. The new LG Pay takes of advantages high security that includes fingerprint authentication. It is also adding a new virtual card number every time users make a payment to prevent the card number from being leaked, thus enhancing the security.
Speaking of compatibility, LG Pay is capable to be used in the latest LG G6 smartphone. It will be added through a software upgrade. Alongside offline payment, LG is planning to expand LG Pay support for online payment and banking services in the near future.
LG Pay mobile payment service released in South Korea