The South Korean tech giant is preparing to launch the latest LG G6 Pay. The new mobile payment service will be available in Korea by June 2017.

LG is now ready to release the LG G6 Pay, the company's own version of Samsung Pay and Apple Pay. The company appears to be also offering the same convenient payment system to its users similar to that of other tech giants in the smartphone industry.

According to Reuters, the LG G6 mobile payment system will use a magnetic secure transmission instead of NFC. This technology will enable users to make payments by touching their smartphones to regular credit card devices and send a magnetic signal from the phone. This process makes it compatible with a much larger number of card readers since it can emulate a card swipe and does not require an NFC chip to be present.

Android Pay and Apple Pay, on the other hand, are committed to NFC. With LG G6 Pay using a different technology, it means that LG might be able to grab some market share away from this two big companies. However, the company might be up against Samsung in this area. The Samsung Pay uses both NFC and MST, making it LG's largest mobile payment competitor in terms of support.

Smartphone industry giants like Samsung and Apple are already operating their mobile payments systems in more than 10 markets respectively. This used to be their strategies in order to differentiate their devices from the competition. This same approach was used for the staggering growth of each company in the international smartphone industry.

LG for their part did not give out details as to whether their upcoming LG G6 Pay would be available to other markets outside Korea. In addition, there is no indication as well if the upcoming mobile payment system will charge customers like what Apple is doing, or it will be a free service just like what Samsung offers.