LG Announces Mobile Payment Solution
Nov. 23, 2015
LG, the world’s fifth-largest smartphone manufacturer, has joined Apple and Samsung as the most recent device maker to develop its own mobile payment solution. The South Korean company late last week unveiled its plans for LG Pay (echoing Chase Pay, Samsung Pay, Android Pay and, of course, Apple Pay).
Details about the features of the service were thin when the company announced on its Facebook page it had partnered with South Korean issuers Shinan Card Co. and KB Kookmin Card Co. on the venture. Published reports said whatever solution is finally developed will work on all LG models, not just new ones. And, sources from the company indicated it will work on all types of POS terminals, not just NFC-equipped models. As for in-app payments, which currently are supported by Apple Pay and planned by subsequent entrants, it is unclear if LG Pay will include that capability. The company did not indicate when the service would be available in South Korea nor when it plans to expand internationally.
“The LG Pay mobile payment service will provide a consumer-oriented and general-purpose payment experience from the existing mobile payment systems,” said KB Kookmin Card CEO and President Kim Duk-Soo in published reports.