LG unveils Mobile Payment Service LG Pay,

LG has unveiled plans to develop and deploy its own mobile payment service which will be called LG Pay.

LG has currently completed agreements with two large Korean  credit card companies, namely Shinhan Card and KB Kookmin Card.

“It’s official! We have partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay,” the company said in an update on its Facebook page.

LG’s premium phones like the G4, G3 and the G Flex 2 are all NFC-capable and if LG supports magnetic secure transmission technology as well, a lot of its users will be able to use the new platform in the coming days.

There’s no word on an international launch at this point.  Samsung Pay will launch in the UK soon and will be based on MasterCard’s MDES technology which has resulted in tokenization of credit, debit, co-brand, prepaid and small business cards for use in e-wallet services.

An LG spokesperson declined to give more specific details about LG Pay, simply stating that the company “will have more details in the coming weeks.”

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