LG Pay was a

mobile payment A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of ...

and

digital wallet A digital wallet, also known as an e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can ...

service by

LG Electronics LG Electronics Inc. () is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea. LG Electronics is a part of LG Corporation, the fourth largest '' chaebol'' in South Korea, and often considered a ...

that let users make payments using compatible phones. The service supported

contactless payments Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC, e.g. Samsung P ...

using near-field communications (NFC), but also incorporated wireless magnetic communication that allowed contactless payments to be used on

payment terminal A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electro ...

s that only supported

magnetic stripe The term digital card can refer to a physical item, such as a memory card on a camera, or, increasingly since 2017, to the digital content hosted as a virtual card or cloud card, as a digital virtual representation of a physical card. They share ...

transactions.

Service

LG Pay was developed from the intellectual property of Dynamics and has announced plans since November 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. This is accomplished via technology known as "Wireless Magnetic Communication" (WMC), which transmits card data to a

's swipe slot via emitting wireless magnetic data pulses, causing the terminal to register it as if it were a normal magnetic stripe. On phones, the menu of the wallet was launched by swiping from the bottom of the screen. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen. In South Korea, LG Pay could be used for online store payments, transportation card payments, membership cards, and to withdraw money on selected banks' ATMs.

Security

LG Pay's security measures were based on LG Mobile and South Korean card companies such as Shinhan Card technologies; credit card information is stored in a secure token. Payments had to be authenticated using either a one-time password, fingerprint scan, or later on using 3D facial recognition .

References

{{Mobile payments LG Electronics products Mobile payments in the United States Mobile payments in South Korea

Service

Security

See also

References