LG Electronics to introduce mobile pay tool next month

LG Electronics said Wednesday it plans to officially launch its own mobile payment tool in Korea next month that is comparable to Samsung Electronics Co.’s Samsung Pay.

During the World IT Show 2017 exhibition currently under way in Seoul, the tech giant showcased LG Pay, which adopted the Wireless Magnetic Communication technology. Samsung Pay is equipped with the Magnetic Secure Transmission technology.

Both tools allow people to make payments by touching their smartphones to regular credit-card devices. LG said the service will be launched next month in Korea and will be connected to the nation’s eight major credit card companies.

Users of the G6 smartphones will be allowed to use LG Pay simply by updating their software. YONHAP