LG Electronics releases mobile payment tool

LG Electronics Inc on Friday launched its own mobile payment tool in the country to compete with “Samsung Pay”.

Amid reports of rival Samsung tying up with three South Korean banks for Artificial Intelligence (AI)-based services, LG Electronics Inc on Friday launched its own mobile payment tool in the country to compete with “Samsung Pay”.

LG Electronics said “LG Pay”, which is based on the Wireless Magnetic Communication technology, allows users to make payments by touching their smartphones to regular credit card devices, news agencies reported.

“Samsung Pay” provides the same feature through the Magnetic Secure Transmission technology.

The South Korean tech giant said “LG Pay” will be initially available through four credit card major brands — Shinhan, KB, BC and Lotte — but will gradually expand to cover all industry players by the end of September.

Earlier in the day, Samsung Samsung Electronics Co announced that it has reached an agreement with three South Korean banks to allow users banking services via its Artificial Intelligence (AI)-based voice command programme, Bixby.

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