After the likes of Apple, Samsung and Google, LG Mobile becomes the latest to hop onto the mobile wireless payments services bandwagon. The company on Thursday announced that it’ll be launching LG Pay in a post on its Facebook page.
LG is joining hands with two prominent banks in Japan which are Shinhan Card and KB Bookman Card to launch its mobile wireless payment service. However, the company has not given any specific details on the rollout, though added it will announce more details about the service in the coming weeks.
“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.
Hence, at this point we are not even sure whether we’ll see the service launched beyond South Korea. Moreover, it is still unclear whether LG Pay will work similar to the already existing mobile payment services, or is it just another service that makes online purchases a little easier on LG smartphones. Hopefully, LG brings something new to the market with its new payment platform to make it a hit both at home and overseas and compete against other rival services.
Technology companies are now realizing the immense potential in the mobile payment space, with Apple being the first to initiate consumer interest in these services last year with the launch of Apple Pay. After Apple, it was Samsung who recently launched its mobile payment service in the US called Samsung Pay along with Google launching Android Pay.
Mostly, all services use the same NFC payment method. However Samsung’s service is also backwards compatible, which implies that it also works at terminals who deprived of basic NFC network architecture. This has been made possible with Samsung’s recent acquisition of LoopPay. Hence, this would make Samsung Pay the most supported service across retail stores than any other mobile payment service, giving it the opportunity to go head-on against rival Apple Pay. Though, Samsung Pay is currently only available with a select few handsets that include Galaxy S6, Galaxy S6 Edge, Galaxy Note 5, and Galaxy S6 Edge+.