With LG Pay, LG became the fourth OEM to launch its own payment tool after Apple, Samsung, and Google. FYI, Google has its own service, Android Pay that works across OEMs. That said, LG Pay, which is similar in action to its competitor’s payment service i.e. Samsung Pay and Apple Pay, allows you to make payments by just touching your smartphone to regular credit card devices.
However, the technology used in LG Pay is different from Samsung Pay. Where Samsung Pay uses Magnetic Security Transmission (MST), LG Pay is based on Wireless Magnetic Communication (WMC) technology.
But similar to the Samsung Pay, LG Pay won’t be available on all devices as of now. The first device to get LG Pay is the latest flagship of LG, LG G6, launched at this year’s MWC 2017. The service will be rolled out to the device via software updates.
Also, the payment service will initially be available only through four credit card companies – Shinhan, KB, BC and Lotte, however, by the end of September, all the major brands will be covered, as per LG. At the same time, LG has also indicated that they plan to expand the service to other LG devices as well. *Fingers crossed*
Source: The Korea Herald