More than 18 months after initially announcing its intention to join the ranks of device manufacturers (and others) offering mobile payments, LG has launched its competing service, LG Pay, in its home country. Like its fellow South Korean competitor Samsung, LG’s solution will enable point-of-sale transactions at traditional magstripe swipe terminals through a magnetic transmission. Currently, LG Pay is an in-store payment method only. But, the company said it is developing online payment support.
Apple, Google and Samsung all went to market the same way: POS first, online capability next. At the Nov. 2015 announcement, LG said it was working with South Korean issuers Shina and KB. It has since added BC and Lotte to its list of issuing partners. The solution enables users to load up to 10 funding sources, including retailer cards, but a virtual card number makes the actual payment to improve privacy and security, LG said.
The service is only available on the company’s flagship G6 smartphone. LG did not publicly disclose when, or even if, the service will be available outside of South Korea.