Earlier today LG confirmed LG Pay by announcing that they had partnered up with two of the largest credit card companies in South Korea. At this point in time details about LG Pay are a bit scarce, and all we know is that the company has interest in the mobile payments sector. However details like how it will work and whether or not it’ll expand overseas is anyone’s guess.
That being said, new details about LG Pay has surfaced. According to the rumors, LG Pay will apparently require the use of a special card for it to work. Assuming this is true, it would be a very odd choice by the company. After all the idea of mobile payments like Samsung Pay, Android Pay, and Apple Pay is that they won’t require you to use anything extra other than your phone.
If not it won’t be very different from using regular payment methods like a credit/debit card, gift cards, or paying by cash. However the report claims that this special card will be a credit card replacement that can connect to your phone, similar to the likes of Plastc in which all your credit/debit cards, gift cards, and loyalty cards can be consolidated into a single device.
However the good news is that if they were to use such a system, it also means that LG Pay will be compatible with older devices since it would not require phone-specific hardware other than a (presumably) Bluetooth connection to pair the card with. In any case LG did state that details of LG Pay would be shared in the coming weeks, so we guess we’ll just have to wait until then.