Mar 23, 2017 04:56 PM EDT
It seems like LG is ready to carve out a niche in the mobile payment service industry as well. With the demand for such quick transaction payments increasing, LG has reportedly decided to join the race towards offering flexible and portable payment services. LG Pay is noted to debut this service through its flagship smartphone, the LG G6.
With the likes of Samsung Pay, and Apple Pay existing in several countries for a more cashless approach, LG plans on bringing its LG Pay mobile payment service to add mobility to transactions. As Samsung, Apple and Google are noted to expand their payment services in more parts of the world. This could possibly leave LG out of the competition, which the South Korean company doesn't plan on missing anymore. By the looks of it, LG is ready to make an impression among the giants with its services later this year.
As cited by sources, LG Pay will debut in June through a joint business venture with Dynamics Payments, which is a US-based payment solution company. LG will exclusively launch this service through a software update on the LG G6 flagship smartphone. With time, the mobile payment service will later be available for other devices as well.
LG Pay will offer a similar technology as seen in Samsung Pay mobile transaction services. The technology, which is known as Magnetic Secure Transmission (MST) will let users pay through their phones even without the need of NFC at the receiving end.
Unluckily, the debuting mobile payment service LG Pay will only be available in South Korea at the time of launch. But, LG reportedly promises of bringing the service to other countries eventually. It is also to be noted that seven of the eight South Korean credit card companies have agreed to use LG's mobile payment services. So, we do have a green signal for the company to bring out its services in June.
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