In an effort to keep up with global smartphone leaders Apple and Samsung, today LG Electronics announced that it is going to be launching its very own mobile payments platform. The new service is going to be called "LG Pay", and it will make its debut in South Korea this June.
Yonhap News, South Korea's largest news agency, reports that the East Asian smartphone maker has teamed up with US-based company Dynamics Inc. - a firm which designs and manufactures intelligent, battery-powered payment cards. LG will use Dynamics' "Wireless Magnetic Communication" technology which will enable LG phones to work with credit card terminals. Supposedly, the technology works in a similar way to Samsung Pay - a purchase can be made by simply tapping your device against a payment terminal.
The LG G6 will be the first phone to support LG Pay, as it already comes with the required hardware out of the box. The company stated that it will roll out the service to its other smartphones through software updates in the second half of 2017.
Unfortunately, no details were given on whether fees would be charged for using LG Pay, and the company did not reveal if there are plans to expand this service to other countries.