Following the footsteps of Apple, Android and Samsung, and not wanting to stay behind its competition, LG announced the development of its own payment platform and the association with two Korean banks to put in place the service.
Through its Facebook page, the South Korean firm confirmed that they are developing their own payment system, to be called LG Pay. In the announcement, the company stated that the upcoming release of its platform payments will be associated with the biggest credit card company in South Korea, known as Shinhan Card, and the second largest in the country, called KB Kookmin Card.
“We will sign a deal with a few of the country’s major card companies before officially launching our mobile payment platform”, an executive said to Korea Times.
Although LG has not revealed any details, the company could base its service on the MST technology (Secure magnetic transmission) alongside Near Field Communication (NFC).
The LG mobile payment system will be available for all the smartphones of the brand, unlike the system of Samsung, Samsung Pay, which is only available to their latest models.
LG made the announcement of the service during an event launching its first V series flagship smartphone, LG V10, which brings to the market distinctive features as a second screen , dual front camera and manual video.