G7 phones will be showcased at the Mobile World Congress in Barcelona next month before hitting the shelves in South Korea and the U.S.in March or April. It was not actually so from the beginning-Google Wallet for instance was the app of choice for many users making NFC payments at stores.
Citing the company itself, the publication says the company plans to launch the platform in the second half of the 2018. It uses NFC technology and a form of magnetic component to communicate with compatible terminals.
LG Pay, the mobile payment and digital wallet solution from LG has been available in South Korea since previous year in June.
Similar to Samsung Pay, LG Pay should be accepted at almost any terminal, thanks to its usage of Wireless Magnetic Communication, which essentially duplicates the action of swiping your credit card.
The report may be accurate on the LG Wallet name.
"Today, we're excited to announce we'll be bringing together all the different ways to pay with Google, including Android Pay and Google Wallet, into a single brand: Google Pay", Pali Bhat VP of Product Management, Payments wrote in a blog post. LG has already released an app with that very same name on the Google Play Store. While CES was ongoing half a world away, over at Korea LG revealed its plans to bring its existing LG Pay system to the United States by the middle of 2018 but with a confusing name change.
LG appears to be trying to catch up with Samsung Pay, which is already available in 18 countries, including the U.S., China, Australia, Britain, Spain and Switzerland. Apart from using NFC, LG Pay also uses Wireless Magnetic Communication (WMC) technology that lets you use it at payment terminals that have not been updated for modern times.
Samsung Pay has one advantage over its biggest competitors, Apple Pay and Google Pay, formerly Android Pay/Google Wallet.