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LG Takes On Samsung, Apple With Mobile Payments Service

LG Electronics says it will launch a new mobile payments service in its home country of South Korea in June in a bid to take on both Samsung and Apple.

It plans to start offering its payments service, dubbed LG Pay, through its G6 smartphones which went on sale in South Korea on March 10.

Users will be able to make payments through existing credit card readers via a magnetic signal from the phone, a similar system to how Samsung’s payments system – launched in August 2015 – works.

Samsung and Apple already operate payments systems in more than 10 markets, including Australia.

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