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LG Pay arrives in US but only works with the G8 phone

Android users have another new way to make purchases.

LG Pay
LG Pay is out in the US.

The LG Pay mobile payment service, designed to compete with Apple Pay, Google Pay and Samsung Pay, has arrived in the US. Before LG phone owners download the app, though, they need to make sure they own the one phone that currently works with the service. 

First launched in South Korea in 2017, the LG Pay app became available to download in the Google Play Store on Tuesday. So far, the mobile payment service will only work with the LG G8 ThinQ. However, the company said it will support the LG V50 ThinQ 5G, LG V40 ThinQ, LG G7 ThinQ and LG V35 ThinQ in the coming months. 

LG's mobile payment uses both NFC and wireless magnetic communications (WMC). The latter allows LG Pay to be used at magnetic stripe terminals. Customers can also store their gift and loyalty cards in the app. 

There are a handful of financial institutions supporting LG Pay including Chase, PNC Bank, Regions Bank, State Employees' Credit Union in North Carolina, U.S. Bank and Virginia Credit Union. LG said its expect more to sign on later this year.