LG Pay mobile payments service will launch in South Korea in June, the Seoul-based tech giant said on Wednesday. The company signed an agreement with Dynamics Inc, a U.S. firm that will license its Wireless Magnetic Communication technology to LG and help it launch its service that's already been delayed on several occasions. LG Pay will allow consumers to use their compatible smartphones to make payments on conventional card terminals by simply tapping them against the devices, which is similar to how Samsung Pay works despite being based on a different technology. Due to the fact that it's simple to use and doesn't require retailers to implement new and expensive hardware, LG is hoping that its mobile payments solution will be well-received by consumers.
The LG G6 already fulfills the necessary hardware requirements for being compatible with LG Pay, the company said. LG's latest Android flagship that was unveiled at this year's Mobile World Congress (MWC) will likely be the first device to support the service, though the firm has yet to confirm that. Regardless, the South Korean consumer electronics manufacturer did say that LG Pay will be added to the LG G6 via a software update that's scheduled to roll out later this year. Other LG-made smartphones will also receive the ability to use the upcoming mobile payments platform, though no specific models have yet been named. Still, it's reasonable to presume that the LG V30 is another device that will support LG Pay once it launches in the second half of the year. On the other hand, it's currently unclear whether the Seoul-based company is looking to expand the availability of its upcoming service to other countries and if it is – when such an expansion might start.
For the time being, LG only confirmed that the service will debut in its home country in June and said it's currently negotiating with eight credit card companies, seven of which are apparently already keen on supporting it. Regardless of how many credit cards LG Pay ends up supporting in the end, it seems that the solution will definitely be powered by the technology developed by Dynamics which the company is now referring to as "a strategic partner."