After Apple Pay (by Apple) and Samsung Pay (by Samsung) another company is all set to enter the field of mobile payment system through its app. According to “Korea Herald” LG which is a Korean company is about to launch its mobile payment app i.e. LG Pay that will make it easier for LG users to make payments through credit cards easily. With all the recent talks of Android Pay now in Canada, LG is seen following the footsteps of Apple and Samsung for the development of companies official mobile payment app.
According to the recent updates, it is found that the new mobile payment app currently works only with four major credit card companies in South Korea. However LG is adding more Korean financial institutions for better and improved performance of the app.
In addition to this, LG is planning to compete with Samsung Pay app by making use of different approach to imitate all the regularly used cards in magnetic strip terminals. As compared to Samsung which make use of Magnetic Secure Transmission, LG will make use of Wireless Magnetic Communication for safer transaction. However from user’s perspective there is not much difference between the technologies as both the app requires the smartphones to be tapped against a reader.
The new LG Pay app currently only works with the latest smartphone of the company i.e. LG G6 but company will soon expand its services for mobile payment app to its other smartphones as well.
The company hasn’t showed any intention of releasing the new mobile banking technology outside South Korea. However, if the trails of the app go well there are chances that the usage of the app might be expanded to North America.