LG is set to launch its own mobile payment system, taking on Samsung Pay and Android Pay . The manufacturer has just partnered with Shinhan Card and KB Kookmin Card, two of the largest credit card companies in its home country.

There's no mention of when the service will go live in South Korea, although reports from yesterday suggested that it will be sometime next month.

It looks like LG will support MST (magnetic secure transmission) technology alongside NFC, with the manufacturer stating that it is targeting convenience and versatility with its payment service. The move will directly target Samsung Pay, currently the only mobile payment service to utilize MST. While NFC is gaining traction for contactless payments, going with MST ensures compatibility with older point-of-sale terminals.

Update: We've reached out to LG for comment, and have received confirmation that its payment service will be limited to the South Korean market in this current form.

Source: LG