​LG Pay launch delayed to 2017: Report

LG Electronics has delayed the launch of its namesake mobile payment system to next year, according to local media, scrapping plans to have it on the V20.

LG Electronics has delayed the launch of LG Pay to next year due to problems during testing in Korea, reports local media NewsOne.

The company initially wished to launch the service with the V20, sales of which start in South Korea on September 29, but cancelled, the report says.

The main delay stems from the firm's plan to pair it with the universal payment "White Card", which has not been commercialized in the country before, the report said. White Card is a physical card with credit and debit card information saved to it, connected to the smartphone via NFC. It also supports IC and mag-stripe payments.

The reports said LG has already completed the development of LG Pay White Card but faced errors during testing. It has also not filed for regulatory approval of the service.

LG announced it was launching its own mobile payment service in March last year with a rollout date planned for 2016. It was a no-show at Mobile World Congress earlier this year.

In May, LG said the payment service will get an IC chip and one-time password to boost security.

Samsung Pay reached 2 trillion won in transactions in South Korea as of August, a year after launching.

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