LG electronics has now launched its mobile payment service in South Korea. It has been after quite a delay that the company has launched its service in its home country.
First of all the mobile payment system would be available on the latest phone by LG that is the G6 via software update. After this this system would spread out to other LG phones.
The mobile payment service operates like a credit card works. It enables the phones to be used as magnetic readers as per LG.
LG Pay will support:
- Shinhan KB Kookmin
- BC Card
- Lotte cards
Apart from these all other cards would be supported by September in South Korea.
Along with password security the system also has fingerprint recognition. This is to ensure transparent and secure mobile payment system.
The launch was expected last year in a worldwide White Card format as the company was working on it since 2015. It was delayed and then planned to release earlier this year. This also didn’t happen as there were issues on launching mobile payment with G6. Now finally it is set to be released.
With Samsung Pay, Apple Pay, and Android Pay ruling the market, it would be difficult for LG Pay to make a mark and get established in a competitive industry.