It was only last month that LG revealed that its mobile payment platform would be going live in Korea, with the G6 being the first handset to gain support for the payment system. Now, it appears the firm will be bringing the platform to other handsets in its line and also expanding it to other regions.
Speaking with the press, Cho Jun-ho, president of LG’s mobile communication division stated: “we will expand the use of LG Pay into low-budget smartphones alongside premium phones next year”. There were also discussions on the firm's plans to bring LG Pay the global market, but the firm didn't state when this would happen as there are numerous logistical issues that need to be ironed out before it can go live.
When LG Pay launched in Korea, it had support from four major credit card firms that included: Shinhan, KB, BC, and Lotte. Naturally, the firm promised to expand support, giving customers more options by September. Similar to other mobile payment platforms, users will place their supported device on a credit card payment terminal and use their fingerprint to authorize the transaction. LG's implementation will also ensure widespread compatibility with electronic payment terminals thanks to the incorporation of Wireless Magnetic Communication technology.
It makes perfect sense for LG to expand its Pay system to its lower-tier handsets, bringing its service to more of its customers. The firm is one of the latest in the game to launch a mobile payment service, with the likes of Android Pay and Samsung Pay having both been available for around two years.
Source: The Korean Herald