LG has launched its mobile payment service, three months after penning a deal with US-based payment platform manufacturer Dynamics Inc to get the wheels rolling.
LG Pay, as was confirmed back in March, has initially only been released in the company’s home country of South Korea and is limited to the LG G6 device through a service update.
“We will provide customers with safe and convenient next-generation mobile payment standards with 'LG Pay', which enables customers to easily and quickly settle their smartphones anywhere,” said Kim Hong-joo, executive director of the MC product planning group at LG Electronics.
The mobile payment service will first support Shinhan, KB, BC and Lotte card companies. LG intends to expand to all card companies in South Korea by September. It can store up 10 cards – including loyalty cards, mobile carrier cards and retail store card – and can be used to pay for transport.
For security, the LG Pay requires a fingerprint every time it is used and makes payments via a virtual card number.
There is currently no word on if, or when, LG plans to roll out the mobile payment service to other devices or outside of South Korea.