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Come June, LG with launch its mobile payment service in Korea

By Bryan Chan & Cookie Monster - on 23 Mar 2017, 10:04am

Come June, LG with launch its mobile payment service in Korea

After more than a year of delays and development, LG finally announces its mobile payment service.

Aptly known as LG Pay, the mobile payment service will be available in June in South Korea. LG Pay relies on U.S. firm Dynamics' wireless magnetic communication technology to work with current credit card terminals, which is somewhat similar to Samsung Pay. However, the technology behind the algorithm is said to be different. 

There is currently no information on whether LG Pay will be rolled out to other markets. Seven of eight credit companies in South Korea have expressed their interests in adopting the service. 

At launch, LG Pay is only supported on the G6 smartphone. Other LG handsets will support the mobile payment service later this year through software updates. LG is likely to expand the mobile payment service to four upcoming smartwartches as it has filed a trademark for Watch Pay. 

Source: Reuters, Yonhap News via Engadget