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LG announced plans for its own mobile payment service<\/a> way back in November 2015, and today it finally went official<\/a> with the launch.<\/p>\n The LG Pay service is initially limited to the G6, LG\u2019s flagship smartphone<\/a>, via a software update, but it is only available in Korea. There is launch support for cards from Shinhan Bank, KB, BC and Lotte, and LG plans to cover all of Korea\u2019s card companies by September.<\/p>\n The primary focus of the service \u2014 like rival offerings from Apple, Samsung and Google \u2014 is offline point-of-sale. LG Pay requires\u00a0a user\u2019s fingerprint to process every transaction. It uses magnetic signals to enable a mobile device to communicate with a regular credit card terminal in order to make the payment. That\u2019s the same technique used with Samsung Pay.<\/p>\n Users can store up to 10 cards within the service \u2014 including store loyalty cards and specific retail cards \u2014\u00a0but payment itself is made by a \u2018virtual\u2019 card number to improve privacy and keep user data safer.\u00a0Beyond providing payment at point-of-sale, LG revealed that it is working to support for online payments and other banking services.<\/p>\n An LG representative told us that there\u2019s current no update on when, or indeed whether, LG Pay will become available outside of Korea. That\u2019s the company\u2019s primary focus for sales, and the country where it has the most significant marketshare, which makes it an obvious starting point. But with LG Pay badly lagging competitors such as Apple Pay, Android Pay and Samsung Pay \u2014 which got a significant head start \u2014 and overtaken on the sales front by a range of companies<\/a>, it may not make sense to ever take LG Pay overseas. We shall see.<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/02\/lg-g6-2.jpg?w=680\")
LG announced plans for its own mobile payment service way back in November 2015, and today it finally went official with the launch.
\nThe LG Pay service is initially limited to the G6, LG’s flagship smartphone, via a software update, but it is only available in Korea. There is launch support for cards from Shinhan Bank, KB, BC and Lotte, and LG plans to cover all of Korea’s card… Read More<\/a><\/p>\n\n<\/img><\/a>
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