LG Electronics announced plans for its own mobile payments service, to rival Apple, Samsung and Google. The company partnered with US-based payment cards specialist Dynamics to develop the LG Pay service, reports news agency Yonhap. Under the agreement, LG will apply the Wireless Magnetic Communication technology of the US firm to its payment system, which will launch first in South Korea in June. This allows payments by touching a smartphone to standard credit card terminals.
LG's new G6 smartphone is expected to be the first to support LG Pay, and other phones will receive software updates later this year to support LG Pay. LG said it was in talks with South Korea's eight credit card companies, with seven of them so far saying they would join the service.
