More than a year after it was reported that LG would be launching a mobile payment service with compatibility for magnetic stripe terminals in the United States, the company has finally announced the arrival of LG Pay for the LG G8 ThinQ. Though we can say that Samsung Pay finally has a one-to-one competitor in its space, it will take a good while before spreading out to other devices.
LG Pay started out a couple years ago in South Korea and we're seeing a lot of the features from there coming stateside. They include the ability to tap and pay at NFC pads as well as magstripe terminals through wireless magnetic communications technology — much like how Samsung Pay can do the same.
Currently, G8 users can download the LG Pay app, load in debit, credit, and gift cards, then swipe up on their phone's screen, even when the device is asleep — a feature the company dubs LG PayQuick — to pay with those cards. There's also a cash back program called LG Pay Perks which rewards qualifying purchases with returns deposited into a virtual Visa card.
The system is currently accepting Mastercard and Visa issues from Chase, PNC Bank, Regions Bank, SECU in North Carolina, U.S. Bank, and Virginia Credit Union. Gift cards are processed with the help of fintech firm Swych, which allows recipients to switch out the cards they receive for ones they want. More banks are expected to support LG Pay later this year as well as other devices including the V50 ThinQ 5G, V40, G7, and V35. Future LG flagship phones are guaranteed to have LG Pay, too.