SEOUL, South Korea--(BUSINESS WIRE)--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."
The corresponding LGE press release is located at http://social.lge.co.kr/lg_story2/lg_g6_lgpay/
How Dynamics’ Wireless Magnetic Communication (WMC) technology works
Wireless Magnetic Communications (WMC) technology allows any portable device to generate wireless magnetic data pulses that can be transmitted over-the-air to traditional magnetic stripe readers. With WMC technology, any standard credit or debit card can be loaded into any device and used to make a payment at virtually any point-of-sale terminal. To make a purchase, a consumer simply selects to make a purchase with a particular payment card on their device. The consumer then places the device within the proximity of a payment card reader. The WMC technology will wirelessly communicate magnetic stripe data associated with the selected card to the payment card reader. The transaction will utilize the standard payment infrastructure to authorize the transaction for that selected card.
About Dynamics Inc.
Dynamics Inc. designs and manufactures interactive battery-powered payment cards and advanced payment platforms. Dynamics’ various technologies span hundreds of pending and issued patents. The company has won numerous awards including the $1M DEMO People’s Choice Award and 2012 International CES Best in Show Award for Personal Electronics. Dynamics has received the Finovate Best of Show award on seven occasions and the Cartes Sesames Best of Show award on two occasions. Dynamics has raised $110 million from investors including MasterCard, CIBC, Adams Capital Management, and Bain Capital Ventures. For more information, visit Dynamicsinc.com.