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LG to launch own mobile payment system

All Headlines 10:00 March 22, 2017

By Kang Yoon-seung

SEOUL, March 22 (Yonhap) -- LG Electronics Inc. said Wednesday it has clinched an agreement with U.S.-based Dynamics Inc. to kick off its own mobile payment system, dubbed "LG Pay."

Under the agreement, LG will apply the Wireless Magnetic Communication technology of the U.S. firm to its payment system which will officially be available here in June. The technology allows people to make payments by touching their smartphones to regular credit card devices. This will greatly enhance the convenience for users, sources said.

The payment method is similar to Samsung Pay, used by Samsung Electronics Co., although the technology behind the algorithm is different.

While the company has not yet officially launched the service here, its flagship smartphone released earlier this month, the LG G6, already comes with the necessary hardware. The company plans to provide the service later this year to other handsets through software updates.

The company so far has not announced plans to expand the service to other countries.

LG said it is in talks with South Korea's eight credit card companies, with seven of them expressing their intent to join the service so far.

"Dynamics is a strategic partner which holds the most advanced technology in the field of mobile transaction," the company said in the release.

Models pose with the LG G6 in this photo released by LG Electronics Inc. in a shop in Seoul on March 12, 2017. (Yonhap)

colin@yna.co.kr
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