From CNET: LG Electronics wants a chunk of the meaty mobile-payment market that is estimated to reach $780 billion worldwide this year.
The South Korean company told CNET on Wednesday that it will roll out its new mobile payment service via its LG G6 flagship smartphones in South Korea in the third quarter. The service will be called LG Pay.
The launch of LG Pay means the company will join the ranks of phone makers Apple and Samsung in offering people the ability to go cashless. Apple and Samsung have already made their payment services available in more than 10 countries. And while Google's Android Pay is already available on LG phones, the move to use its own payment system would allow LG to control its own cashless destiny and potentially tap into the wealth.
Like Samsung Pay, LG's payment service will enable people to make payments using magnetic secure transmission (MST) when a phone is held against a credit card reader. The phone emits a magnetic signal that simulates the magnetic strip found on credit cards.
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