The company has also confirmed service expansion to more markets
LG’s mobile payments service, LG Pay, is all set to expand to more smartphones and new markets next year. The company has finally confirmed its plan which means that LG’s new payment service will go head-on with rival services like Samsung Pay and Apple Pay in international markets.
The company has revealed plans to bring its LG Pay service to “low-budget smartphones” next year. Apart from affordable mobiles, the service is also said to expand to online shopping malls. To recall, the LG Pay mobile payments service was launched in South Korea last month.
LG Pay uses Wireless Magnetic Communication technology unlike Magnetic Secure Transmission technology used by rival service Samsung Pay (which also supports NFC). Apple Pay only supports NFC.
“We will expand the use of LG Pay into low-budget smartphones alongside premium phones next year,” Cho Jun-ho, President of LG’s Mobile Communication Division was quoted saying at an event in South Korea. Unfortunately, the company is yet to announce the smartphones that will get the support for its LG Pay service.
The report adds that the number of LG Pay users stood at 95,000 compared to Samsung Pay’s 5.2 million users citing a local research firm Wiseapp.
As announced before, the LG Pay service is supported by the company’s flagship, the LG G6. Now, the South Korean giant had said that it would expand the service to more devices.
The LG Pay service requires the user’s fingerprint for every single transaction and thereby has been claimed to improve security while transacting.