It has long been reported that LG is preparing its own mobile payments service much like Apple Pay, Android Pay, and Samsung Pay. The company has now officially launched the service. It’s just available for one handset right now and only in one country. You’ll never guess what it has decided to call the service: LG Pay.

The much-rumored LG Pay mobile payments service has been launched by the Korean company. It did confirm several months back that it was working on a mobile payments service of its own and now we have all of the details about it.

The service is called LG Pay and it has been launched for the LG G6 in South Korea. It remains to be seen how long it takes for the company to bring this service to other markets across the globe.

LG Pay works in a manner similar to Samsung Pay. The latter has support for both NFC and MST (Magnetic Secure Transmission). It relies on wireless technology to send payment card information to conventional card machines. LG’s service relies on a similar technology and the company calls it Wireless Magnetic Communication.

Users just have to place their handset near the card machine, tap on the fingerprint sensor, and be on their way. It’s that easy. Select card companies currently support the service in South Korea but all major companies will support LG Pay by this summer. The company is yet to confirm if and when LG Pay will be launched in other markets.

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