Recently when Korean giant manufacturer LG announced their latest smartphone V10, they also split the beans regarding their plans to join the mobile payment market like Google, Samsung and Apple.
At that time, LG didn’t disclose when they will be announcing this service, they simply mention official launch will be made on right time. Well, we don’t have to wait much because it seems December 2015 will be the right time when LG will announce their own mobile payment platform.
In South Korea, Samsung Pay is doing tremendously well but now we can expect Samsung Pay will have to face competition from Second largest Smartphone manufacturer in South Korea.
As I mentioned above, rumours are floating for quite some time that LG is planning to enter mobile payment business soon but today one of LG official quoted that LG will be launching this service in next month. The official further mentioned that LG will be partnering with major card companies in South Korea to expand their service.
LG payment service will be dubbed as LG G Pay because recently LG trademarks the “LG G Pay” in the USA and also in South Korea. We have to wait for the official announcement to see how well this service will be able to compete against Samsung Pay and Apple Pay.
Another important aspect of this service will be what kind of technology LG will be using to secure mobile transactions. So far Apple Pay service is relying on NFC whereas the Samsung Pay is based on MTS (Magnetic secure transactions).