Samsung launched a payment platform a few years back, and we should have known then it was only a matter of time before LG did the same. Indeed, LG announced several months ago that it was getting its own phone-based payment system. The predictably named LG Pay has launched, but only in South Korea for now.
LG Pay is remarkably similar to Samsung Pay. It too uses a wireless technology to push card data to regular payment terminals. LG calls this "Wireless Magnetic Communication," whereas Samsung's technology is called Magnetic Secure Transmission (MST). Just put the phone near the reader, tap the fingerprint sensor, and you're done. It's just like the other payment platforms in that respect.
The LG G6 already has the necessary hardware inside to do this, so users will be able to add supported cards and start paying right away. It only works with a few cards right now, but all major card issuers in South Korea should be supported later this summer. LG hasn't talked about its plans for LG Pay in other countries, but it's safe to assume future phones will include the necessary hardware.