LG is set to launch a new mobile payment service this coming June. It’s expected to rival Apple Pay, Samsung Pay, and Android Pay. This isn’t the first time we’re hearing about LG Pay. In fact, we’ve heard about the plan back in November 2015 when the South Korean tech company announced its partnership with Kookmin Card and Shinhan Card.

We already saw the LG Pay White Card leaked which was said to be carrying an IC chip. Unfortunately, the service was delayed to this year due to testing problems. The company also had to ditch the idea of White Card in favor of MST method for the G6 phone. And now it’s here–almost. LG Pay will soon be available on the latest G6 flagship once the mobile payment system is finalized.

With LG Pay, you can pay for items through a simple magnetic signal from your LG phone. It’s similar to what Samsung offers right now which allows mobile users to link their bank account or credit cards to the service. At this point, we have no idea if LG will expand the payment feature to other countries or extend it to non-LG phones but its release may be a game-changer.

LG Pay will take advantage of the Wireless Magnetic Communication technology. All you need to do is touch the phones to regular card devices and transaction is done. Only the LG G6 has the required hardware to enable LG Pay but future smartphones from the company should be ready as well.

LG will release a special update that includes the payment service to the G6 and other handsets. So far, eight credit card groups are in talks with the company although we don’t know which ones exactly.

VIA: REUTERS, YONHAP