The mobile payment industry is slowly taking shape, with the latest reports suggesting that the LG G6 will be joining the party somewhere in June.
So far, many people are conversant with the likes of Apple Pay, Android Pay, and Samsung Pay, but LG Pay is just stepping up its game, with the release of the service expected to happen in June this year. The South Korean tech giant has been busy working on this service for over a year now, but it seems the stage is now all set, with the LG G6 to be the first device to get the feature via an update.
Like Samsung has been doing with the latest rollout of Samsung Pay, the said LG Pay should come as an application where users of the LG G6 will only be required to download and install it on their phones. Reports say that LG has been working closely with U.S> Dynamics Inc. to ensure that the whole thing is a success and in the shortest period possible.
Unlike Samsung Pay, LG Pay will take advantage of Wireless Magnetic Communication (WMC) technology to facilitate the mobile payments. This will mean that LG G6 users will be able to make payments using the current credit card readers via a magnetic signal generated by the phone.
So far, LG Electronics is talking to at least eight credit card companies in South Korea regarding the integration of LG Pay in the G6, apparently, already seven have agreed to the matter. LG G6 users will not only be able to make offline payments, but also proceed with online payments, banking services as well as membership services, among other payment and financial services.
Whether this June release date is meant only for the South Korean market or other markets is still unknown. But looking at how Samsung Pay, Android Pay, and Apple Pay are doing it, we expect nothing different when LG Pay is here – a gradual rollout first to LG G6 users and probably others like LG V20 and LG G5 will follow suit.