LG has finally launched LG Pay, its own payment service in South Korea, after showing it off at World IT Show 2017 exhibition in COEX last month. It uses Wireless Magnetic Communication (WMC) technology, a magnetic technology that can be used as an ordinary credit card when making offline payments. A magnetic signal is generated from a mobile device and is paid to a credit card terminal.
LG Pay will initially available through four credit card brands — Shinhan, KB, BC and Lotte. LG already said that it will expand to more banks by September.
LG said that LG Pay has high security that includes fingerprint authentication and adds a new virtual card number every time you make a payment to prevent the card number from being leaked, thus enhancing the security.
LG Pay is supported by the latest LG G6 smartphone, which will be added through a software upgrade. In addition to offline payment, LG plans to expand LG Pay support for online payment and banking services soon.