LG Pay has been around since 2017, but the company is finally bringing its mobile payment feature to the U.S. market. LG’s mobile payment system is more advanced than Google Pay, featuring the same NFC and WMC (wireless magnetic communications) support as Samsung Pay which will allow users to use the LG smartphone to pay at any credit card terminal intended for magnetic credit cards.
At launch, the new LG G8 is the only device supported, but LG plans to release updates to the G7, V50 5G, V40, and V35 so that they also can jump on the new LG Pay platform.
Like most other mobile payment systems, the number of banks supported is still quite limited. With Chase, PNC and US Bank on board, LG Pay should work for millions right out of the gate, but we should see LG pull in other larger banks in the coming months to expand their reach.
LG Pay supported banks at launch
- PNC Bank
- US Bank
- Regions Bank
- State Employees’ Credit Union (North Carolina)
- Virginia Credit Union
In addition to allowing users to make payments with their phones at stores and restaurants, the app also allows users to buy and send digital gift cards to other LG Pay users. The feature also allows for gift card swapping, allowing users to exchange a gift card for a certain business for one that they might actually shop at.
LG Pay isn’t revolutionary since it matches the functionality that Samsung Pay has offered for years, but it’s nice to see LG push forward with LG Pay in the U.S. market.