The mobile payments scene is already crowded; however, that’s not stopping LG. The electronics giant has announced LG Pay, LG’s own mobile payment system that will probably allow its customers to make purchases using just their smartphones.
The company has partnered with Shinhan Card and KB Kookmin Card – South Korean credit card issuers – which are likely two unfamiliar names if you live outside of South Korea. It’s not shocking that LG will launch the service in its home country first. There is no announcement on how comprehensive the launch will be, but we will probably have to wait a bit to get LG Pay in Europe or the US. LG did the very same thing when they launched Watch Urbane with LTE connectivity. Earlier this year, the cellular-powered smartwatch was launched in South Korea, and now it is just starting to get to the US as 2015 comes to an end.
Should LG Pay be launched in other countries, it would join the likes of Samsung Pay, Android Pay and Apple Pay in the continuously growing mobile payments world. Although Google and Apple’s services dominate, Samsung’s purchase of Loop Pay was an indication that it is serious about remaining in the mobile payments arena, even though there is steep competition. In addition, those payment systems do not include the amount of new apps from banks such as Capital One that allow you to tap-and-pay to finish purchases.
It’s important to highlight that we do not yet know what kind of functionality LG Pay will have. It might be similar to Android and Apple Pay in the sense that you can pay for items at brick-and-mortar stores by waving your smartphone over a card reader, or it could just make it simpler for customers to purchase items online via stores’ websites. LG should have more specifics about the payment system “in the coming weeks,” according to TechCrunch.