Mobile payment schemes are taking full swing this year as systems from Samsung, Apple and Google are now being widely utilized by users in their own platforms. In an attempt to keep up, LG, another South Korean tech giant, is setting its sights to enter the now crowded mobile payments system to battle the likes of other tech giants that are already providing the service.
According to reports, an LG executive said that the company’s mobile payment service will most likely be launched next month . Furthermore, the South Korean tech giant will partner with the country’s two largest credit card providers, namely Shinhan Card and KB Kookmin, to launch LG’s mobile payment system called “G Pay.”
“We will sign a deal with some of the country’s major card companies before officially launching our mobile payment platform,” an executive said to Korea Times.
LG pushing its mobile payment service would most likely aim to contend with its rivals in the mobile scene. Samsung has recently launched Samsung Pay – their latest mobile payment service that is capable of working with any card reader. In addition, Apple Pay has also recently expanded its coverage, providing its services to other countries with their latest destination being Australia. However, Apple’s mobile payment system will only work with any retailer that accepts Amex contactless payments.
Last October, LG had unveiled plans to launch its own mobile payment system during the unveiling of the company’s latest flagship, the LG V10. Similar to other flagships from others that feature their own mobile payment systems, LG’s V10 feature fingerprint recognition technology secures mobile payments made from the smartphone.
However, it remains unclear if LG’s mobile payment service can gain momentum as Samsung, Apple and Google already have theirs being widely utilized by users in their own platform, as well as support from different credit card providers.