/>
X

LG prepares to launch its own mobile payment system

The electronics company has partnered with KB Kookmin Card and Shinhan Card to roll out LG Pay.
Written by Philip Iglauer on

LG Electronics signed partnership agreements on Thursday with South Korean credit card companies KB Kookmin Card and Shinhan Card, in preparation for launching its own mobile payment system against rivals Samsung Pay and Apple Pay.

"LG Electronics can deliver mobile payment services that can be used conveniently anywhere through strategic collaboration with key partners like these," said Cho Juno, chief of LG's mobile division.

LG said the strategic partnership with domestic credit card companies further spurs its preparation for the launch of its own mobile payment system, which the company called "LG Pay" in its press release.

"Shinhan Card's settlement capability and LG's mobile payment technology is combining together in a creative FinTech service such as in LG Pay," said Shinhan Card CEO and President Wi Sung-ho.

LG is yet to explain how exactly its mobile payment system will work and what technologies it will employ to differentiate it from Samsung Pay and Apple Pay.

But LG did say it will offer the versatility and security to make LG Pay safe and easy to use anywhere, without regard to the type of merchant terminal.

Currently, Samsung Pay appears to be in the strongest position with its magnetic secure transmission (MST) technology which supports a wider range of payment terminals than the NFC-based technologies used by Apple Pay and Android Pay.

"The LG Pay mobile payment service will provide a consumer-oriented and general-purpose payment experience from the existing mobile payment systems," said KB Kookmin Card CEO and president Kim Duk-soo.

Source: ZDNet.co.kr

Related

He flew American Airlines, she flew United. For both, the unthinkable happened
screen-shot-2022-06-30-at-10-14-36-am.png

He flew American Airlines, she flew United. For both, the unthinkable happened

Business
Southwest Airlines has cancelled 20,000 flights. Now for the really bad news
screen-shot-2021-07-07-at-4-01-12-pm.png

Southwest Airlines has cancelled 20,000 flights. Now for the really bad news

Business
McDonald's and Chick-fil-A both have a big problem. Only one has a solution
screen-shot-2022-06-28-at-6-24-27-pm.png

McDonald's and Chick-fil-A both have a big problem. Only one has a solution

Business