LG Electronics USA has jumped into the mobile wallet arena by announcing the launch of LG Pay, a new platform that is available for download via Google Play on select LG smartphones, starting with the LG G8 ThinQ device, according to a company release. 

LG said the payment platform will be rolled out over the next several months for its LG V50 ThinQ 5G, the LG V40 ThinQ, LG G7 ThinQ and the LG V35 ThinQ over the next few months.  

"LG Pay demonstrates LG's commitment to offering products and services that provide value and convenience to our customers,"Chris Yie, head of LG Mobile North America, said in the release. "LG Pay's unique features enable flexibility and ease of use in the growing mobile payments space."

LG Pay can be used on both the Visa and Mastercard networks and will work with both near field communication (NFC) readers and wireless magnetic communications at magnetic stripe terminals. 

Several leading banks and other financial institutions will be supported at launch, including JPMorgan Chase, PNC Bank, Region's Bank, State Employees' Credit Union in North Carolina, US Bank and Virginia Credit Union, with more banks scheduled to join later this year, according to LG. 

LG said it has also partnered with Swych, a Finablr Co., to integrate its digital gifting service into the app, which allows users to purchase and send digital gift cards from hundreds of retailers and restaurants. 

LG Pay said that retailers will be able to store their loyalty cards on the app as well.