LG follows the footsteps of Apple and Samsung by launching its own mobile payments service


In an effort to keep up with global smartphone leaders Apple and Samsung, today LG Electronics announced that it is going to be launching its very own mobile payments platform. The new service is going to be called "LG Pay", and it will make its debut in South Korea this June. 

Yonhap News, South Korea's largest news agency, reports that the East Asian smartphone maker has teamed up with US-based company Dynamics Inc. - a firm which designs and manufactures intelligent, battery-powered payment cards. LG will use Dynamics' "Wireless Magnetic Communication" technology which will enable LG phones to work with credit card terminals. Supposedly, the technology works in a similar way to Samsung Pay - a purchase can be made by simply tapping your device against a payment terminal. 

The LG G6 will be the first phone to support LG Pay, as it already comes with the required hardware out of the box. The company stated that it will roll out the service to its other smartphones through software updates in the second half of 2017. 

Unfortunately, no details were given on whether fees would be charged for using LG Pay, and the company did not reveal if there are plans to expand this service to other countries.

source: Yonhap News via Engadget

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14 Comments

1. trojan_horse

Posts: 5868; Member since: May 06, 2016

"LG follows the footsteps of Apple and Samsung by launching its own mobile payments service" Really? I think it's more like following the footsteps of Google Wallet, which - if memory serves me right - debuted before Apple Pay.

4. kiko007

Posts: 7493; Member since: Feb 17, 2016

Google Wallet was garbage, and also, Google isn't an OEM.

7. tedkord

Posts: 17311; Member since: Jun 17, 2009

How was it garbage? It did the same thing, and worked just fine.

9. kiko007

Posts: 7493; Member since: Feb 17, 2016

https://www.wired.com/2015/06/android-pay-will-succeed-google-wallet-failed/ http://www.pcmag.com/article2/0,2817,2469362,00.asp Quoting a portion on the second link: To understand why Google Wallet has not taken off, I talked to some of my contacts in the major banks and they explained that it came down to Google's business model. When Google approached the banks and asked them to support Google Wallet, it explained that part of their support meant that they would also feed data back to Google on what people bought and other personal data that Google could use to serve targeted ads. Besides privacy issues, the banks were not thrilled about being forced into a position to feed all types of shopping data back to Google just so Google could make money on ads. Consequently, most banks were not willing to play the middleman and in most cases would not fully support Google Wallet. Need I add more?

10. kiko007

Posts: 7493; Member since: Feb 17, 2016

Android Pay eliminated MOST of the data mining, but overall, Samsung Pay is perhaps the best option available currently, with Apple Pay being a close second in high income areas.

11. ph00ny

Posts: 2026; Member since: May 26, 2011

Biggest reason for the google wallet's downfall was that all the major carriers except sprint formed an alliance with isis payment (it was changed to something else for the obvious reasons) and didn't allow google wallet to function in the devices branded with carrier logos

12. phonearenarocks

Posts: 606; Member since: Mar 26, 2015

It is time that Apple employs you as an advocate for all their cases! Apple can avoid paying millions.

2. KickRocks

Posts: 270; Member since: Mar 22, 2011

It did and your right but of course no one remembers that because Apple invents everything in the wireless industry

3. k9luvr

Posts: 122; Member since: Oct 17, 2016

This is exactly what we needed. Another mobile payments system. How many mobile payments system do you think retailers will adopt? Maybe 432 ? This is getting ridiculous. It will be cost prohibitive for retailers to have them all. Because of Corp. greed and every Corp wanting to be THE ONE that wins out with retailers, you and I ultimately lose out and this technology goes nowhere. If they all would cooperate and agree on a standard that everyone (businesess and smartphone users) could adopt, this technology would move forward and actually work, and work for everyone. Greed is preventing that from happening.

5. hazard1

Posts: 234; Member since: Feb 11, 2017

I wouldn't worry too much about that. LG will find a way to make theirs less appealing. Likely it will be limited to South Korea or suffer some other crippling disadvantage,

8. tedkord

Posts: 17311; Member since: Jun 17, 2009

Retailers are irrelevant. If they accept NFC, then it will work. It's the card issuers who need to get on-board.

6. rsiders

Posts: 1934; Member since: Nov 17, 2011

I literally just signed up for Android Pay two days ago out of curiousity from a forum conversation which sparked the topic. So far its pretty reliable at a few places I shop at regularly. I think the Samsung Pay route is far more useful because of the method it uses but I don't really have a need to use my phone everywhere as a form of payment.

13. ayylmao

Posts: 34; Member since: Mar 10, 2017

Bootloop Payment. no kappa

14. TechGirl90 unregistered

"LG follows the footsteps of Apple and Samsung by launching its own mobile payments service" AND??? Is that a bad thing if a Company wants to jump on the Mobile Pay Bandwagon to expand their options??? You guys just can't help yourselves can you?? How about this "LG joins the Mobile Payment System to compete against it's Competitors" or something along those lines, but your Title is just asking for unnecessary drama to unfold in the Comments, but I forgot, you guys get ya'll revenue from Ads that run all across this Site, so in order to get some clicks to receive in more money, you throw in Controversial Titles to your Article.

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