LG reportedly postpones the launch of its LG Pay system to 2017
Korean media NewsOne reports that LG has postponed the launch of its LG Pay mobile payments service for 2017, due to problems encountered during testing. Reportedly, the company wanted to introduce LG Pay together with its second major smartphone launch this year, the LG V20, which will go on sale in South Korea on September 29. But LG cancelled its plans, despite having completed development of the payment technology.
LG wants to pair LG Pay with an universal payment "White Card", a physical card with credit and debit card information contained on it. It connects to smartphones via NFC and supports IC and mag-stripe payments. However, the White Card hasn't been commercialized in Korea before, and LG encountered errors during testing the payment system. Moreover, it hasn't filled for regulatory approval of the service yet.
LG Pay was announced in March last year and was scheduled to roll out this year. Since then, LG has been keeping its lips tight about it. Hopefully, the company will manage to deliver a competitor to Samsung Pay and Apple Pay in 2017.
source: NewsOne (Translated)