Thursday, 21 September, 2017

LG's Payment Platform LG Pay Debuts in South Korea

LG Electronics releases mobile payment tool ‚ÄčLG Pay launches in South Korea
Rosalie Gross | 03 June, 2017, 01:57

True to their word, LG has officially launched its mobile payment service in South Korea.

Currently, the new mobile payment app only works with four credit card companies in South Korea, with more Korean financial institutions to come. Called LG Pay, it is only available in South Korea for now and is making its way to G6 devices via a software update. While the technology behind the two might be different, the use is similar. Indeed, LG announced several months ago that it was getting its own phone-based payment system.

The primary focus of the service - like rival offerings from Apple, Samsung and Google - is offline point-of-sale.

For security, the LG Pay requires a fingerprint every time it is used and makes payments via a virtual card number.

"Samsung Pay" provides the same feature through the Magnetic Secure Transmission technology. LG plans to add support for additional banks by September. Here's to hoping that LG Pay expands to other parts of the globe soon. It now supports credit cards from four issuers - Shinhan, KB, BC, and Lotte - but the tech giant claims that the service will work will all major cards in South Korea by the end of September. While it will no doubt expand the availability of the service to other markets eventually, it could begin only by early next year.

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