After some delay, LG has finally introduced its mobile payment service in South Korea. LG Pay will face tough time fighting out with Apple Pay, Samsung Pay and Android Pay in the saturated yet slow moving mobile payment market.
LG had been closely working on its payment service for the last years. Initial rumors regarding the service emerged as early as 2012. Back in March this year, the company has officially announced that it will be launching its payment service in June this year. Now it’s finally available for users in its homeland who can use LG Pay mobile payment service for transactions across various merchants. LG Pay currently supports only four credit cards including Shinhan KB, BC, and Lotte. The electronics firm has however confirmed that it will gradually expand to cover almost all banks by the end of September this year.
At the heart of the LG Pay mobile payment service lies a Magnetic Communication technology. This is expected to be slightly different from the Magnetic Secure Transmission technology deployed by its counterpart in its Samsung Pay. LG, however, hasn’t revealed details regarding the technology behind its mobile payment service. With that said, just like Samsung Pay, you can make payment with the LG Pay at payment portals having regular credit card machines. So you don’t necessarily need a NFC supported payment machine for making payments, thereby giving it an edge of Android Pay. That said, NFC contactless payment is still supported on LG Pay. It’s worth noting that you would be required to register your fingerprint before each transaction.
Unfortunately, only LG G6 users living in South Korea would be able to avail the services of LG Pay as of now. The Korean electronics giant has announced that it will be rolling out an update to LG G6 to provide support for its latest payment services. While LG plans to bring its newly launched payment services to other devices soon, but it hasn’t revealed any time for doing so.
It would be interesting to see when LG decides to roll out LG Pay mobile payment service globally. Mobile payment is still in its nascent stages. Due to lack of NFC supported payment machines, security surrounding payments, regulatory concerns and most importantly people’s perception towards contact less payments; service like Android Pay, Samsung Pay and Android Pay have failed to flourish in way their makers had expected them too. Recently, Samsung introduced its mobile payment services in India with support for UPI payments.