Weâ€™ve been hearing about LG Pay for well over a year at this point, but now the service is finally ready to go.
At launch, LG Pay supports four banks: Shinhan, KB, BC, and Lotte. LG plans to add support for additional banks by September.
LGâ€™s mobile payment service uses a technology called Wireless Magnetic Communication (WMC). With it, LG Pay users can tap their phones to regular credit card terminals to make payments, which means that they arenâ€™t limited to hunting down NFC-enabled terminals like users of some other mobile payment services.
Unfortunately, thereâ€™s no word on when or if LG Pay will make its way to markets outside of South Korea. While many LG device owners can make mobile payments right now with Android Pay, weâ€™re sure that they wouldnâ€™t mind getting LG Pay so that they could make payments at regular credit card terminals, too. Hereâ€™s to hoping that LG Pay expands to other parts of the globe soon.