LG is the next company to join the chain of mobile payment applications, with apps already available from Apple (Apple Pay- UK and US at time of writing), Google (Android Pay- US Only at time of writing), and Samsung (Samsung Pay- South Korea and US at time of writing). During a recent press meeting, LG executive director Kim Jong Hoon confirmed LG’s plan, revealing that the smartphone and television company is waiting for the appropriate time to make the official announcement for G Pay. This is backed up by trademarks from the company in both the US and South Korea.
At this time, all we know is that G Pay will likely use Near Field Communication (NFC) technology, just as we see from Apple and Google, but it is still a mystery if LG will opt for using other technology such as Magnetic Secure Transmission (MST), like Samsung has. This relies on special hardware that allows the phone to interact with older magnetic strip readers that you would use a typical credit card with. It’s unlikely however as Samsung owns the company (LoopPay) who enables this technology in the S6 and Note 5 smartphones.
According to etnews, LG has been studying the mobile payments market and their competitors services since early 2015, and could already be in talks with credit card companies to launch G Pay with wide support. Now there’s going to be four mobile payment options! Too many? G Pay is expected to provide many of the same features as other mobile payment apps, with maybe the rewards, as featured in Android Pay.