LG Electronics said Wednesday it plans to officially launch its own mobile payment tool in South Korea next month that is comparable to Samsung Electronics's Samsung Pay.

During the World IT Show 2017 exhibition currently under way in Seoul, the South Korean tech giant showcased LG Pay, which adopted the Wireless Magnetic Communication technology. Samsung Pay is equipped with the Magnetic Secure Transmission technology.

Both payment tools allow people to make payments by touching their smartphones to regular credit card devices.

LG said the service will be launched next month in South Korea and will be connected to the country's eight major credit card companies. The service will be initially compatible with the LG G6 smartphone, following a software update.