LG Electronics is planning to launch its LG Pay mobile payments service in South Korea in June this year, to rival Apple, Samsung and Google.
The South Korean firm developed the service using payment solution provider Dynamics’ Wireless Magnetic Communication (WMC) technology, which allows any portable device to generate wireless magnetic data pulses that can be transmitted over-the-air to traditional magnetic stripe readers.
LG would start offering the payments service through its G6 smartphones, which is already available in South Korea. Other handsets will be included in the service via software updates later this year.
LG did not announce any plans to expand the mobile payment service to other markets.
Kim Hong-joo, vice president of product planning at LG Electronics’ Mobile Communications Company, said: “In our effort to offer more benefits to consumers, we have designed LG Pay to meet the needs of our customers who want to be able to make purchases with their smartphones."
Samsung and Apple are already operating their payments systems in more than 10 markets each. While, Apple charges fees on transactions made through the system, Samsung does not.