First launched in South Korea in 2017, the LG Pay app became available to download in the US through the Google Play Store in July 2019. So far, the mobile payment service will only work with the LG G8 ThinQ smartphone. However, the company said it will support the LG V50 ThinQ 5G, LG V40 ThinQ, LG G7 ThinQ, and LG V35 ThinQ in the coming months.
LGs mobile payment service uses both NFC and wireless magnetic communications (WMC). The latter allows LG Pay to be used at magnetic stripe terminals. Customers can also store their gift and loyalty cards in the mobile app.
Some of the financial institutions that support LG Pay are Chase, PNC Bank, Regions Bank, State Employees Credit Union, US Bank, and Virginia Credit Union. LG said it expects more institutions to sign on later in 2019.
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