LG Electronics will launch its own payment system

25 May 2017
It seems that LG Electronics has decided not to stand aside and present to the world its own version of the payment system. The first rumors about its launch appeared quite a long time ago, but now the information about the soon launch has been confirmed by the company's representatives. The new payment system was "unexpectedly" named LG Pay. The official launch was originally scheduled for September 2016, but then the company encountered some difficulties, which have been eliminated only now. Thus, according to representatives of the company, the launch of LG Pay will take place in June this year. The main difference of this payment system from competitors is the use of the development of the company Dynamics - technology WMC, or Wireless Magnetic Communication. Its use will generate magnetic signals, and then transmit them contactless to any payment terminals with a magnetic stripe reader of an ordinary bank card.The owners of LG G6 gadgets will be the first to be able to try the new technology. The required application will be provided with the latest firmware for the corresponding devices. It should be noted that LG Pay will initially be available only in the Republic of Korea, where eight major banks have already partnered. The launch date of the payment system in other countries is still unknown.