LG to develop own mobile payment app with DynamicsLG Electronics said Wednesday that it has secured an agreement with U.S.-based payment company Dynamics to release its own mobile payment system called LG Pay.
Under the agreement, LG will apply Dynamics’ wireless magnetic communication technology to its payment system which will be available in June. The technology allows people to make payments by touching their smartphones to credit card devices.
While the company has not yet officially launched the service here, LG’s flagship G6 smartphone, released earlier this month, already comes with the necessary hardware. The company plans to provide the service later this year to other handsets through software updates. YONHAP