LG, the South Korean-based mobile tech giant, has just announced that it will be launching its own mobile payment system, dubbed as LG Pay, currently available in South Korea.
The phone maker made this revelation via Facebook, where it wrote:
It’s official! We have partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay.
The particular move was highly expected, since all the major phone makers are joining the mobile payment game, with Apple being amid the first to develop such a tool, the Apple Pay, back in September 2014 along with the iPhone 6 and 6 Plus. In addition to Apple Pay, Cupertino has recently rolled out the software outside the US borders, in Australia and Canada.
Other players are Google with Android Pay which circulated in May and Samsung with Samsung Pay, available on all US carriers via the Galaxy S6, S6 Edge, S6 Edge+ and Note 5.
MUST READ: Android Pay vs Apple Pay: Which mobile payment system IS THE BEST?
Besides the Facebook post, the South Korean giant has not disclosed any further information yet. What we know is that the service is currently exclusive to the company’s home country -scheduled for release in the next few weeks-, hence LG Pay will be restricted to a small fraction of the market for the time being, so it won’t be joining the global competition where the aforementioned front-running names are currently participating.
Google news blog, 9to5Google, says that LG Pay will work with the vast majority of LG smartphones via NFC, and won’t be available with other manufacturers or platforms. This is the sole info we know about the service’s operation so far.
A lot of media outlets have reached to LG for a further comment, though, at the time of writing, the company has responded to TechCrunch, stating that it “will have more details in the coming weeks.”
Source: LG Facebook