LG Electronics participated in World IT Show 2017 (WIS 2017) held at COEX A, B, C Halls from May 24th (Wed) to 27th (Sat), and launched ‘LG Pay.’
LG Pay is made with WMC (Wireless Magnetic Communication), a magnetic technology that can be used in the same way as an ordinary credit card for offline payments. Magnetic signals are generated from a mobile device and payments are made when the device is contacted to a credit card terminal.
In addition to undergoing a fingerprint authentication when running the app, LG Pay also has a safety device that prevents the card number from being leaked by generating a new virtual card number each time payment is made.
LG Electronics has partnered with 8 domestic credit card companies including Shinhan, KB, BC, Lotte, Hyundai, Hana, NH and Samsung for the LG Pay service. First, four credit card companies, Shinhan, KB, BC and Lotte, will support LG Pay, and the service will be expanded to all the credit card companies by September.
LG G6 users can use LG Pay through a simple softeware update once the app is released. In addition to offline payments, LG Electronics plans to expand the functions of LG Pay by offering various services such as online payments and banking services.
The launch of LG Pay in domestic will be completed by June.
Meanwhile, ‘World IT Show 2017’ will show the slogan of ICT, meaning Transform Everything’ and also exhibit AI, IOT, autonomous vehicles, VR/AR, Big Data, etc. This year, this exhibition will offer various events including the Korea Multimedia Technology Awards Ceremony, ICT Foreign Big Buyer Invitation Export Conference, Globa ICT Partnership Program, 2017 SAFER KOREA 2017, K-ICT Future Talent Forum 2017 Opening and Exhibition/Recruitment Consultation, K-ICT Technology Business Festival Opening and Exhibition, 2017 Global ICT Prospect Conference, etc.