Ever since 2015, we have heard that LG was working on their own mobile payments service. However it was just last month that there were rumors that it could have been delayed to 2017, but if the latest rumors are to be believed, the service could have been scrapped. Instead it seems that LG is expected to use existing technology rather than go with their own.
According to the rumors, LG is said to be incorporating MST (Magnetic Secure Transmission) into the LG G6. What does this mean? In case you’re unfamiliar, MST technology is the same technology used by Samsung for Samsung Pay, which right now is actually gaining quite a bit of traction. The advantage of this technology is that it replicates a card swipe, meaning that technically as long as a retailer allows for credit card payments, it should be useable as well.
It also helps with adoption as retailers would not really have to purchase any new hardware. Prior to this, we heard that LG was working on their own mobile payments service that would use some kind of credit card-like device. It was odd since it meant an extra thing that users had to carry around, so if you told us that LG decided to eschew that idea in favor of something more efficient, we wouldn’t be completely surprised.