Mobile payment services are everywhere with smartphone OEMs, banks and even retail stores wanting to get in on the action. This increase in popularity has happened over the last few years, but it was back in 2015 when we first started hearing about LG wanting to launch their own. This was likely in response to their regional rival launching Samsung Pay, but there has actually been a lot of talk about the mobile payment service over the years.
So many were waiting to see the service launched in 2015, but then an LG official statement chimed in and said the service was delayed until Q2 of last year. This was understandable at first as a mobile payment solution is a big undertaking and it can be a while until everything is put in place. But nothing happened in Q2 of last year and things were virtually silent about the service until October, when it was reported that LG wanted to use MST technology for LG Pay.
This is the technology Samsung is using as it allows the mobile payment service to be used at older credit card terminals. We then heard that LG Pay was scheduled to launch with the LG G6 this year but lo and behold the service didn’t make an appearance when LG’s latest flagship was brought to market. However, today it seems that the stars have aligned as the company was actually able to launch LG Pay in their home country of South Korea.
It will be added to the LG G6 in an upcoming software update and is said to work like a regular credit card so the phone can be used on magnetic readers. For now, the service supports credit cards from Shinhan, KB Kookmin, BC, and Lotte, but LG says all credit cards in South Korea will be supported by September of this year. LG Pay supports fingerprint recognition and has “one-time-password security.”
Source: ZDNet
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