LG Pay

LG Pay was a mobile payment and digital wallet service by LG Electronics that let users make payments using compatible phones. The service supported contactless payments using near-field communications (NFC), but also incorporated wireless magnetic communication that allowed contactless payments to be used on payment terminals that only supported magnetic stripe transactions.[1]

LG Pay
Developer(s)LG Electronics
Initial releaseJune 2, 2017 (2017-06-02)
Operating systemAndroid
PlatformSelected LG G series & LG V series smartphones
LicenseProprietary
Websitewww.lg.com/us/lg-pay
LG Pay payment screen on the LG G6

Service

LG Pay was developed from the intellectual property of Dynamics and has announced plans since November 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. This is accomplished via technology known as "Wireless Magnetic Communication" (WMC), which transmits card data to a payment terminal's swipe slot via emitting wireless magnetic data pulses, causing the terminal to register it as if it were a normal magnetic stripe.[1]

On phones, the menu of the wallet was launched by swiping from the bottom of the screen. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.

In South Korea, LG Pay could be used for online store payments, transportation card payments, membership cards, and to withdraw money on selected banks' ATMs.[2]

Security

LG Pay's security measures were based on LG Mobile and South Korean card companies such as Shinhan Card technologies; credit card information is stored in a secure token. Payments had to be authenticated using either a one-time password, fingerprint scan, or later on using 3D facial recognition .[3][4]

See also

References
  1. "LG Pay goes live in Korea with Wireless Magnetic Communication technology". NFC World. 2 June 2017. Retrieved 22 June 2017.
  2. Arici, Alexandra (2017-06-05). "LG Pay released, will be available on the LG G6 in South Korea at launch". AndroidGuys. Retrieved 2018-07-01.
  3. "LG prepares to launch its own mobile payment system". ZDNet. Retrieved 22 June 2017.
  4. "LG launches a mobile payment service in Korea". Tech Crunch. Retrieved 22 June 2017.
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