Yesterday we reported that LG had confirmed that they were working on a mobile payment service. The name of the service was unclear but it had been speculated to be called LG G Pay, especially since there have been trademarks registered for it. However as it turns out, it looks like we have an official name now: LG Pay.
This was announced by LG on their Facebook page in which they also announced that they have formed partnerships with both Shinhan Card and KB Kookmin Card. Prior to this the partnerships were not confirmed but as you can clearly see in the photo, the deal has been made official.
For those unfamiliar, those companies are two of the largest credit card companies in South Korea, so naturally signing them and getting them on board is a pretty big deal. Of course this probably won’t matter much to those of us not living in South Korea, but if you are then we guess you know which companies will support the service at launch.
Unfortunately at this point in time, a launch in international markets remains unknown. When TechCrunch asked for more details, an LG spokesperson said that the company “will have more details in the coming weeks.” LG Pay’s launch in South Korea would no doubt be stepping on some pretty big toes in the form of Samsung Pay.
Samsung’s own mobile payment service has been off to a good start and last we checked, managed to sign 1 million subscribers from the country. There is even talks about the service potentially launching in international markets such as China, Spain, and the UK, so it looks like LG’s payments service will have a bit of catching up to do.