LG Electronics Inc. today has officially released their own electronic mobile payment system LG Pay.

The all new LG Pay can be considered as a perfect substitution for Samsung Pay and Android Pay. Unlike the other payment systems, LG Pay uses Wireless Magnetic Communication technology instead of Magnetic Secure Transmission technology. By using the Wireless Magnetic Communication technology, everything the LG Pay needed to do transactions is just touching the smartphone with the regular Credit/Debit card reader machines or Point of Sale machines, and nomore passwords – everything can be done using fingerprint scanning.

The service has just launched in South Korea only, and the LG users from the country will get the update gradually. Currently the LG’s payment system supports only four credit card brands – Shinhan, KB, BC and Lotte. Many other Companies are expected to be added very soon. It is not clear whether the company does plan to make a global debut in near future.