LG Pay to finally launch in June
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LG had some problems lately, and we even heard that its upcoming mobile payment service had been slashed. Fortunately, it looks like LG Pay is on track and South Korea will become the first market to receive it.
Back in November, we heard about LG's partnership with Kookmin Card and Shinhan Card. Sadly, not long after finding out about the LG Pay White Card in a rumor that mentioned it carrying an IC chip, the service faced problems during testing and was delayed for this year. In the meantime, LG also dropped the White Card idea for the MST technology LG Pay would use with the G6 flagship.
Now, Yonhap News reveals that LG signed an agreement with US-based Dynamics Inc. to provide the technology for LG Pay. The same source reveals that "Under the agreement, LG will apply the Wireless Magnetic Communication technology of the U.S. firm to its payment system which will officially be available here in June. The technology allows people to make payments by touching their smartphones to regular credit card devices."
LG also mentioned that seven credit card companies expressed their intention to join the service, but did not reveal their names. We will probably hear more about LG Pay in the months to come, so stay tuned.