LG Electronics releases mobile payment toolSeoul, June 2 (AZINS) Amid reports of rival Samsung tying up with three South Korean banks for Artificial Intelligence (AI)-based services, LG Electronics Inc on Friday launched its own mobile payment tool in the country to compete with "Samsung Pay".

LG Electronics said "LG Pay", which is based on the Wireless Magnetic Communication technology, allows users to make payments by touching their smartphones to regular credit card devices, Yonhap news agency reported.

"Samsung Pay" provides the same feature through the Magnetic Secure Transmission technology.

The South Korean tech giant said "LG Pay" will be initially available through four credit card major brands -- Shinhan, KB, BC and Lotte -- but will gradually expand to cover all industry players by the end of September.

Users of the G6 smartphone, the latest flagship device of LG Electronics, will be allowed to use the "LG Pay" via software updates. The company said it plans to expand the services to other devices soon.

LG Pay boasts thorough security as users must scan their fingerprints every time they make a transaction, the company said.

Earlier in the day, Samsung Samsung Electronics Co announced that it has reached an agreement with three South Korean banks to allow users banking services via its Artificial Intelligence (AI)-based voice command programme, Bixby.

The South Korean tech giant said under the project with Shinhan Bank, Woori Bank and KEB Hana Bank, users can ask the Bixby to display bank accounts or make financial transactions through voice.