Every mobile company wants to explore the mobile payment arena which is looking crowded already. We have seen Apple with Apple Pay; Samsung with Samsung Pay and predictably, LG has joined in the parade with LG Pay.
The South Korean company has teamed up with fellow South Korean credit card issuers Shinhan Card and KB Kookmin Card to launch the mobile payment service in South Korea which took place with the company’s key officials in attendance. LG has not detailed how the service will rollout in other regions.
Another detail not disclosed is the technology behind the LG Pay but promises it will offer wider accessibility to users and there is also the talk of ‘how it would function’. The service is unlikely to be different from that of Apple and Android Pay i.e customers will be able to pay for products on online websites or be able to pay for products at brick-and-mortal stores by passing the phone over a card reader.
LG will launch several tries of the mobile payment service with the credit card companies before launching it to the general public. If LG Pay makes it way to the US and possibly Europe at a later date, it will be competing with the Android Pay and Apple Pay which uses NFC technology; and Samsung Pay which uses NFC and Magnetic Secure Transmission (MST).
