LG Pay goes live in the US with NFC and mag stripe mobile payments

Smart phone and pos terrminal
MULTIFUNCTION: LG Pay enables mobile payments via NFC and Wireless Magnetic Communication (WMC)

LG has launched its LG Pay mobile payments service in the US, enabling owners of its G8 ThinQ smartphone to make payments via NFC in stores equipped with a contactless POS terminal — and in stores with a magnetic stripe terminal using Wireless Magnetic Communication (WMC).

WMC enables phones to generate wireless magnetic data pulses that can be transmitted over-the-air to traditional magnetic stripe readers and was developed by US-based Dynamics Inc. CEO Jeffrey Mullen explained how the technology works in an interview with NFC World in 2017.

LG Pay has been live in Korea using WMC technology since June 2017.

The service is available today for LG G8 ThinQ users and will be extended to owners of V50 ThinQ 5G, V40 ThinQ, G7 ThinQ and V35 ThinQ smartphones “in the coming months”.

LG Pay “will be compatible with future LG flagship smartphones,” the company says.

Chase, PNC Bank, Regions Bank, State Employees’ Credit Union (North Carolina), US Bank and Virginia Credit Union are supporting LG Pay at launch “with additional institutions expected later this year”.

LG Pay supports voice commands and LG PayQuick, a function that enables users to “simply swipe up from the bottom of the phone screen for quick and secure payments”. LG Pay “is always ready, even if the phone is asleep or you’re using another app,” the company says.

LG has also partnered with Swych to give LG Pay users the ability to buy and send gift cards “from hundreds of retailers and restaurants”.

Users also get a digital LG Pay Perks card that lets them “take advantage of exclusive LG Pay offers to receive real money on your LG Pay Perks card”. Rewards can then be used “to make purchases in stores anywhere Visa is accepted”.

“LG Pay demonstrates LG’s commitment to offering products and services that provide value and convenience to our customers,” says Chris Yie, head of LG Mobile in North America.

“LG Pay’s unique features enable flexibility and ease of use in the growing mobile payments space.”