LG Pay to communicate mag-stripe data through deal with Dynamics

Source: Dynamics

Dynamics Inc., an innovator in next-generation payment systems, is proud to announce the incorporation of its proprietary Wireless Magnetic Communication (WMC) technology into the mobile payment strategy of LG Electronics.

The game-changing technology revolutionizes mobile payments by allowing LG mobile phones to wirelessly communicate traditional magnetic stripe information directly to traditional magnetic stripe readers. An early version of the company’s WMC technology will be featured on the LG G6 in certain markets with a more advanced version of Dynamics Inc.’s system to appear more widely next year.

“Dynamics has been building wireless magnetic communication solutions for nearly a decade and is widely considered the founder of the programmable magnetic stripe industry. Dynamics’ best-in-breed technology will help LG Pay reach hundreds of millions of new payment environments,” stated Jeff Mullen, Dynamics Inc., CEO.

"We are pleased to partner with Dynamics who has the most advanced technology and intellectual property in the field of mobile payments," said Kim Hong-joo, Vice President of product planning at LG Electronics’ Mobile Communications Company. “In our effort to offer more benefits to consumers, we have designed LG Pay to meet the needs of our customers who want to be able to make purchases with their smartphones."

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