LG Pay is set to make its debut in June, but the new mobile payment system will only be available to consumers in South Korea, according to multiple media reports.

LG will use a technology from the company Dynamics called Wireless Magnetic Communication. The technology allows LG mobile phones to wirelessly communicate traditional magnetic stripe information directly to traditional magnetic stripe readers.

An early version of the company's technology will be featured on the LG G6 in certain markets with a more advanced version of Dynamics' 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," Jeff Mullen, Dynamics CEO, said in a statement. "Dynamics' best-in-breed technology will help LG Pay reach hundreds of millions of new payment environments."

LG said it is working with all eight credit card companies in Korea.