The LG Pay mobile payment service, designed to compete with Apple Pay,and , has arrived in the US. Before LG phone owners download the app, though, they need to make sure they own the one phone that currently works with the service.
, the LG Pay app became available to download in the Google Play Store on Tuesday. So far, the mobile payment service will only work with the . However, the company said it will support the , , and in the coming months.
LG’s mobile payment uses both NFC and wireless magnetic communications (WMC). The latter allows LG Pay to be used at magnetic stripe terminals. Customers can also store their gift and loyalty cards in the app.
There are a handful of financial institutions supporting LG Pay including Chase, PNC Bank, Regions Bank, State Employees’ Credit Union in North Carolina, U.S. Bank and Virginia Credit Union. LG said its expect more to sign on later this year.
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