LG's much delayed competitor for Samsung Pay, Apple Pay, and Android Pay is finally one step closer to launch. That said, we're still quite a ways off at this point, and that launch will be rather limited.
The company is planning to enter the mobile payments realm in June, although the service called LG Pay will only be available in its home country of South Korea at first. A further limitation is that in the beginning it will only work on its latest flagship smartphone, the G6.
LG Pay is using a magnetic signal sent from the phone to existing credit card readers, in a very similar fashion to how Samsung Pay's MST operates - although the technology employed is different. Unfortunately LG has not detailed whether the new service will be launched in other markets, or when that could happen. Other LG handsets are set to receive software updates later this year which will enable the payment functionality.
Source 1 | Source 2 | Via