LG Pay

LG Pay
Developer(s) LG Electronics
Initial release June 2, 2017 (2017-06-02)
Operating system Android
Platform Selected LG G series smartphones
License Proprietary
Website Official website (Korean)
LG Pay payment screen on the LG G6.

LG Pay is a mobile payment and digital wallet service by LG Electronics that lets users make payments using compatible phones and in the future are other LG-produced devices. The service supports contactless payments using near-field communications, but also incorporates wireless magnetic communication that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards.[1]

The service was launched in South Korea on June 02, 2017 and is awaiting confirmation if it would be launched overseas.

Service

LG Pay was developed from the intellectual property of Dynamics and has announced plans since November 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. This is accomplished via technology known as "Wireless Magnetic Communication" (WMC), which transmits card data to a payment terminal's swipe slot via emitting wireless magnetic data pulses, causing the terminal to register it as if it were a normal magnetic stripe. [1]

On phones, the menu of the wallet is launched by swiping from the bottom of the screen. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.

In South Korea, LG Pay can be used for online store payments, transportation card payments, membership cards, and to withdraw money on selected banks' ATMs.[2]

Security

LG Pay's security measures are based on LG Mobile and South Korean card companies such as Shinhan Card technologies; credit card information is stored in a secure token. Payments must be authenticated using either a one-time password, fingerprint scan, or later on using 3D facial recognition .[3][4]

Availability

Release dates
Date Support for payment cards issued in
June 02, 2017South Korea South Korea[5]

In 2016, it was reported that LG was developing a white-card system that stores all card info of different banks/companies under one physical card that looks akin to a regular credit card. As of the launch, there are no further updates if such system would still push through.[6]

In 2018, it is reported that LG Pay would be launched in United States.[7][8]

Compatible devices

Flagship smartphones

G-series

V-series

  • LG V30 (including V30+)
  • LG V35 ThinQ


See also

References

  1. 1 2 "LG Pay goes live in Korea with Wireless Magnetic Communication technology". NFC World. Retrieved 22 June 2017.
  2. ↑ Arici, Alexandra (2017-06-05). "LG Pay released, will be available on the LG G6 in South Korea at launch". AndroidGuys. Retrieved 2018-07-01.
  3. ↑ "LG prepares to launch its own mobile payment system". ZDNet. Retrieved 22 June 2017.
  4. ↑ "LG launches a mobile payment service in Korea". Tech Crunch. Retrieved 22 June 2017.
  5. ↑ http://social.lge.co.kr/newsroom/mc/lg_pay_0602/
  6. ↑ "LG Pay launches in South Korea". ZDNet. Retrieved 22 June 2017.
  7. ↑ "LG Pay will launch in the US by the first half of 2018". Android Authority. 2018-01-10. Retrieved 2018-02-16.
  8. ↑ "LG is launching its mobile payment system in the US this year". Engadget. Retrieved 2018-02-16.
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