LG today announced LG Pay, its own mobile payment service, after Apple Pay, Samsung Pay and Android Pay. The Korean giant has partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay in South Korea soon. LG did not announce when it will roll out the mobile payment service in Korea or other markets. The company said that it will run trails of the new payment system with the credit card companies before launching it.
Wi Sung-ho, CEO of Shinhan Card, Juno Cho, president and CEO of LG Electronics Mobile Company and Kim Duk-soo, CEO of KB Kookmin Card were present at the event. LG did not reveal any other details about the service, including the technology behind service, but it said that it will offer wider accessibility to users.
Samsung launched Samsung Pay in August, after running trails in July. In September it said that it accumulated $30 million in transactions in first month since its debut in South Korea. Samsung Pay uses near field communication (NFC) to enable its phone-based payments, similar to Apple Pay and Android Pay. But unlike its two competitors, the service also supports magnetic secure transmission (MST), a different standard that is similar to the magnetic strip on traditional credit cards.