Almost each of the giant smartphone is getting in the market of the mobile payments. However, despite the fame of their news, they have barely scratched the surface of the whole potential. Part of this is because there are some phones which actually support the things such as Apple Pay, Samsung Pay, and Android Pay. And the phones which also happen to be few of the highly costly modes around. Like, the LG may have got the edge despite showing up late to the market, if it will surely be able of making the LG Pay available for the low-end phones in the international market and the proper manner.
The Apple Pay is just directly available in the iPhone models initiating from iPhone 6, however other Apple phone may have to perform their transactions through the launch of Apple Watch. The Samsung Pay operates just on quite limited versions too, 12 to be particular. While the Android Pay is little much lenient and only needs that the phones are having the NFC chip or running with the Android 4.4 or higher versions.
Although LG Pay is a bit late, the Korean giant has already plotted out its plan for the success. Korea is just at the start and is planning for the spread of the use of online stores too along with the global market at the larger level. So, more than that, it is planning to include the LG Pay support even on the budget friendly versions, ideally expanding the possibility of the LG Pay being utilized by each class of the users. This may be a grand vision, but it may bring up the interrogation about “How.”
The technology used by the LG Pay is called as the WMC (Wireless Magnetic Communication) which is closely similar to the MST (Magnetic Secure Transmission) system used by Samsung Pay. Both use the wireless communication with the custom swipe based ends with the magnetic waves. Both also need particular hardware than being the NFC. The specialized hardware includes highly expensive hardware, so either the LG comes up with the way of pushing down the build prices or the LG Pay may fall for NFC on the budget phones, which will lead to the limiting of the places where it can be utilized.