LG Pay makes its debut in South Korea

A model demonstrates LG Electronics Inc.'s mobile payment tool LG Pay in this

LG has released LG Pay in South Korea, after a long period of various reports.

More than three months after announcing that it is working on the launch of its namesake digital wallet platform, LG has today finally taken the wraps of the same. For those owning the gorgeous G6 with the 'Full Vision' display, you all will receive the LG Pay wallet service via an over-the-air (OTA) software update.

Mobile Payment services have been rising at a rapid pace.

LG Pay is based on the Wireless Magnetic Communication (WMC) technology.

The LG G6 already has the necessary hardware inside to do this, so users will be able to add supported cards and start paying right away.

You'll need a credit card issued by Shinhan, KB, BC or Lotte at first to join the digital wallet program, though all of the nation's "industry players" should be "gradually" supported by the end of September. It uses magnetic signals to enable a mobile device to communicate with a regular credit card terminal in order to make the payment. As of now LG Pay is hardly a competition, but considering the scale at which LG operates on, the day won't be far when we see LG targeting other nations as well.

Unfortunately, LG didn't say when the service will make its way to other markets around the world.

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