LG Pay goes live in the US with NFC and mag stripe mobile payments

LG has launched its LG Pay mobile payments service in the US, enabling owners of its G8 ThinQ smartphone to make payments via NFC in stores equipped with a contactless POS terminal — and in stores with a magnetic stripe terminal using Wireless Magnetic Communication (WMC). WMC enables phones to generate wireless magnetic data pulses that can be transmitted over-the-air to traditional magnetic stripe readers and was developed by US-based Dynamics Inc.