LG Electronics debuts its mobile payment solution in South Korea

LG Electronics has introduced its mobile payment solution, LG Pay, in South Korea with the support of four financial institutions.

LG Electronics debuts its mobile payment solution in South Korea

LG Pay in South Korea is being supported by credit cards issued by Shinhan Bank, KB, BC and Lotte.

The South Korean tech giant said that by the end of September, the payment service will be supported by all major credit cards in the jurisdiction.

Based on Wireless Magnetic Communication technology, the payment solution will allow users to make transaction by tapping their smart phones at near field communication (NFC)-enabled payment terminals.

Customers need to scan their fingerprint to verify the transaction. LG Pay in South Korea will be supported by LG G6 smartphones via software updates.

In March 2017, LG unveiled its plans to launch payment service in the country.