LG Electronics has officially announced that the company will boom in with the mobile payment service similar to Samsung Pay and Apple Pay. LG Pay which has been delayed for more than a year will enter into the tech market in June. This new LG Pay will be offered in its newly launched LG G6 smartphone. The LG G6 smartphone was launched at the Mobile World Congress event in Barcelona.
According to ZDNet Korea, LG Electronics was working closely with US Dynamics Inc., a global payment solution company, for the launch of the LG Pay service from the company. It is also reported that the LG Pay is based on different technology when compared to the existing Samsung Pay's Magnetic Security Transmission (MST). Unlike the Samsung Pay, the LG Pay will use US Dynamics' Wireless Magnetic Communication (WMC) technology by which payments can be made via existing credit card readers through a magnetic signal from the phone.
WMC is a proprietary mobile payment technology developed by US Dynamics Inc. in 2007. This technology generates magnetic signals from mobile devices such as smartphones and is paid on a credit card terminal.
"Dynamics' WMC solution is the leading technology in the mobile payment industry," said Jeff Mullen, CEO, Dynamics. He added, "We expect LG Pay to be a viable technology to succeed the next generation mobile payment services market."
The company plans to provide full-fledged service after thorough field testing and verification. It is reported that the LG Electronics has already the best hardware for LG Pay service .i.e. LG G6. Also, the company is in talks with eight credit card companies in Korea, out of which seven credit card companies have decided to participate in the service. In addition to offline payments, LG TeleCom plans to expand its functions with a variety of payment and financial services such as online payment, membership and banking services.
