Amid reports of rival Samsung tying up with three South Korean banks for Artificial Intelligence (AI)-based services, LG Electronics Inc on Friday launched its own mobile payment tool in the country to compete with “Samsung Pay”.
LG Electronics said “LG Pay”, which is based on the Wireless Magnetic Communication technology, allows users to make payments by touching their smartphones to regular credit card devices, Yonhap news agency reported.
The South Korean tech giant said “LG Pay” will be initially available through four credit card major brands Shinhan, KB, BC and Lotte but will gradually expand to cover all industry players by the end of September.
Consumers of the G6 smartphone, the latest flagship device of LG Electronics, will be allowed to use the “LG Pay” via software updates. The company said it plans to expand the services to other devices soon.
Earlier in the day, Samsung Samsung Electronics Co announced that it has reached an agreement with three South Korean banks to allow users banking services via its Artificial Intelligence (AI)-based voice command programme, Bixby.
By Baishakhi Dutta
