Four years after Samsung introduced a tap-to-pay mobile wallet that works virtually anywhere your credit card stands for – even older magnetic stripe card readers – and two years after LG started testing the test in Korea, LG & rival LG Pay has finally arrived in the United States.
That might be a bit intriguing if you own an LG smartphone, because it is a much more flexible payment technology than most other rivals on the market. While Apple Pay and Google Pay only work with newer payment terminals that support Near Field communication (NFC), LG Pay allows your phone to generate a magnetic signal that looks – to the reader – just like a traditional magstripe used credit card. That has been an exclusive selling point for Samsung phones so far.
But like Android Central reports, the new technology comes with two important reservations, firstly that it only works with the LG G8 ThinQ phone for the time being, a device that we found gimmicky in our recent review and was generally not competitive, and one Which reportedly unusually badly sold, to the point that we started seeing it at a big discount within a few months of the introduction. (Incidentally, LG stopped making telephones in its home country of Korea shortly after the launch.)
LG says the app "will soon be available for other LG smartphones", but it is still quite a way behind the package:
the best payment app is not Apple Pay or Google Pay … it's Starbucks. eMarketer says that the rankings will remain unchanged until 2022.
This year, more than 23 million people use the Starbucks app to purchase the point of sale at least once every six months. pic.twitter.com/gOE95KuZer
– Sally Shin (@sallyshin) May 22, 2018
LG Pay also only supports Visa and Mastercard credit cards from a handful of banks to start, including:
- PNC Bank
- American bank
- Region & # 39; s Bank
- State Employees & # 39; Credit Union (North Carolina)
- Virginia Credit Union
Although Chase is indeed an important battle. You should also know that – just like Samsung Pay – you cannot use it to withdraw money at ATMs, or pay at the slide-your-card-in-all-way terminals that gas stations usually use.
LG says you can also store your gift cards and loyalty cards in the app and launch the app, even if your screen has fallen asleep by swiping up quickly from the bottom of the phone.
If you want to give it a twist, here is the download link for Android.