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LG Pay shuts down this year, leaving LG phones without magstripe payment support
LG has announced that its contactless payment service, LG Pay, will shut down, leaving LG phones without magstripe payment support.
LG announced in April that it was leaving the smartphone business, following years of poor hardware sales. The company promised that it would continue to support its existing phones with Android updates and security fixes, but at least one feature on some of its smartphones won't be around much longer: LG Pay. The shutdown might not seem important, since Google Pay can be easily installed and works about the same, but it does mean select LG phones won't be able to use magstripe payments anymore.
LG Pay with magstripe terminal support goes live in the US for the G8, coming soon to the G7, V35, V40, and V50
LG Pay is similar to Samsung Pay. Unlike Google Pay and Apple Pay, LG Pay can be used at terminals that don't support NFC payments.
You may not realize it, but LG Pay debuted over 2 years ago. Rumors of the service go all the way back to 2015. Unfortunately, when LG Pay launched it was exclusive to South Korea. There were reports saying it would come to the US in June of 2018, but that never happened. Finally, LG Pay is available in the US.