Is this a "big fish follows little fish" kind of thing? The latest rumors from Korea suggest that LG is working on their own mobile payment system to rival Samsung Pay and Apple Pay (and Android Pay, etc). It will apprarently be called, LG G Pay, and it could use similar technology to what Samsung uses in Samsung Pay.
This suggests that G Pay will be designed to be used with existing magnetic strip readers just as Samsung Pay is. This setup obviously offers perks over the Apple Pay system which requires retailers to sign agreements and work out deals with Apple. Despite that, it still seems like the typical "me too" that is characteristic of LG following in Samsung's footsteps.
Maybe LG can figure out a way to make it even easier than Samsung Pay, but we wouldn't hold our breath expecting that...
Source: AndroidAuthority