LG looks set to join Apple, Samsung and Google in the crowded mobile payments sector with a touchless transactions service of its own.
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ETNews says that the firm has been busy talking to banks in its home country since the beginning of the year about a possible service, which would be NFC-based.
The race kicked off last October when Apple introduced its own payment feature, the Apple Pay.
Well, it was only a trademark filing. We are well-convinced that a better name could have been thought of for such a big company.
While we didn’t project that there was much standing in the way, there are new reports that suggest that’s exactly what’s happening, at least for LG. LG is also believed to be in contact with a few businesses related to finance. During an overseas press meeting, LG executive director Kim Jong Hoon confirmed LG’s plan, stating that the company is waiting for the appropriate time to make the announcement. Generally, the mobile payment system works by storing your credit card data on a secure server and only transmitting that data to your phone when you activate the payment app. Both Apple Pay and use fingerprint verification to secure your info. Its patenting has given rise to the speculation that G Pay might be available by the end of this year.
Other people in the industry seem to be of the opinion that LG’s G Pay service will be more versatile and will have more payment options than Samsung Pay.
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If LG were to introduce its own mobile payments platform, it would follow its more successful regional rival Samsung, Digital Trends reported.
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