LG Electronics to develop own mobile payment system

November 19, 2015

LG Electronics Inc said on Thursday it signed an agreement to develop its own mobile payment service called LG Pay.

LG, which signed the agreement with South Korea's largest and second-largest credit card firms Shinhan Card Co Ltd and KB Kookmin Card Co Ltd, did not give a timetable or description of its planned technology.

Source: http://www.reuters.com/article/2015/11/19/us-lg-elec-mobilepayment-idUSKCN0T80NY20151119#7I3UXPHkXYoYIH0z.97

LG first made its plan to launch the payment service official, during the launch event of its first V series flagship smartphone, LG V10 that comes with a bunch of distinctive new features such as a second screen, dual front camera and manual video. Another significant addition is a new fingerprint sensor to unlock the device and turn on display simultaneously. The fingerprint sensor also works with Google's digital wallet, Android Pay but in US only.

Market analysts are quite sceptical about LG's new move. Noh Geun-chan, an analyst at HMC Investment and Securities, asserts that the competition for the mobile payment market is fierce, with a number of IT giants betting on similar services.

"Samsung Pay is getting more traction and more people are using the service," said Noh Geun-chan who believes that it would be tough for LG to get the momentum with its new service, which will face touch challenge from the rivals - Apple, Google and Samsung - who are aggressively promoting their payment services.

Source: http://www.ibtimes.co.uk/lg-follows-apple-samsung-google-into-mobile-payment-market-1529459

It looks like companies are looking into the mobile payment system, and it looks like a glimpse into the future

I'm not sure how big of an impact this will leave for the rest of the market, but I sure hope that they don't mess up the system for any future users

We'll just have to wait and see whether the mobile payment system will fail or not

WolfDeville · November 19, 2015

Why can't we just have one payment system for Android??

QueenDemetria · November 19, 2015

Why can't we just have one payment system for Android??

I think all Android phones can use Google wallet(or Android pay, whatever they call it these days) and things like Samsung pay and LG Pay are optional(Edit: assuming you are in the US).