LG concludes plans to launch Payment App, LG Pay in June
Global electronic giant, LG has said it will roll out its mobile payment app alongside with its U.S brand’s newest flagship product — the LG G6 phone.
The South Korean electronics maker explained that LG pay will enable people to make payments using a technology that is surprisingly similar to Samsung Pay’s which enables a payment when a phone is held against any credit card reader capable of processing a magnetic stripe payment.
The G6 has been for sale in South Korea since March 10th. Other handsets will be included in the service via software updates later this year.
Kim Hong-joo, vice president of product planning at LG Electronics’ Mobile Communications Company, said, “We are pleased to partner with Dynamics, which has the most advanced technology and intellectual property in the field of mobile payments.”
“In our effort to offer more benefits to consumers, we have designed LG Pay to meet the needs of our customers who want to be able to make purchases with their smartphones”, he added.
LG pay will be in competition with other pays such as Apple Pay, Android Pay, Samsung Pay, Walmart Pay, Kohl’s Pay, Amazon Pay and the likes.
It is unclear if LG’s payments platform will be available outside of South Korea, since the company has made no announcement on the subject one way or the other.
After postponing the launch twice, LG seemingly, will not go ahead to launch the payment app. Mobile payments are becoming more popular, but they still face some high barriers, such as consumers’ continued loyalty to traditional payment methods and fragmented acceptance among merchants.