Soon after Samsung Pay emerged on the scene earlier this year it was reported that LG could come out with its own mobile payment service and those reports have now turned out to be true. There’s news out of Korea that LG has confirmed that it is working on a mobile payments service, the company will first sign deals with some of the major card companies in South Korea before officially launching its service.
Shinhan Card and KB Kookmin Card are two of the largest card companies in South Korea so it is quite possible that LG would seek to sign a deal with them first before its mobile payment service is formally launched.
The company did not confirm what it is going to call this service through it has registered trademarks that include “LG G Pay,” such a moniker would be in line with the company’s naming practice for its smartphones and would certainly not be out of place in the LG ecosystem.
It’s unclear what technology LG’s mobile payments service will be based on. Samsung Pay uses both NFC and MST which make it compatible with almost every card terminal, the merchant doesn’t need to get special terminals, and that has done wonders for its adoption in both the United States and South Korea.
Those details would come to light later when LG is ready to disclose more information about its mobile payments service, it wouldn’t be risky to assume that the service would first be launched in South Korea before LG brings it to other markets across the globe.