Sometimes it's hard to defend LG and its "me-too" strategy of always trying to launch the exact same thing Samsung does, but several months or years later. This case is another example, although the details do appear a little encouraging in LG's favor.
The company has officially announced today that it made an agreement with Dynamics Inc., a US-based company that has developed a Wireless Magnetic Communication technology that's similar to Samsung's MST but with a different algorithm, to start using said tech in LG Pay. The service is supposed to launch in South Korea in June, with the first official phone being the G6 since it already has all the necessary hardware. A firmware update may bring LG Pay to other devices later in the year as well.
LG confirmed that it already has 7 of the 8 South Korean credit card companies on board, and talks are ongoing with the last one. No other official details were released so we still don't know if LG plans to launch Pay in other countries at some point in the future, if it will charge a fee per transaction à la Apple or go the Samsung route and not do that, or if the rumored IC chip and physical card will be part of the initial rollout. We'll probably have to wait a few months to get these questions answered.