With industry leaders Samsung and Apple fully busy with trying to convince their customers to use their respective brands of contactless modes of payment, another tech giant is looking to join in on the fun. LG officially launched LG Pay in its native homeland South Korea over the weekend, specifically through an update for its G6 smartphone, which means that those who have already purchase the phone maker’s latest flagship phablet will be the first to experience the company’s own take on mobile payment systems.
LG Pay basically lets people add up to 10 of their most often used cards, including credit, membership, and even transportation cards. In facilitating a payment transaction by way of LG Pay, users need only tap their handset against a credit card terminal and then have their fingerprints scanned.
As made clear by a spokesperson for LG, there is no definite timeframe yet with regards to when the company’s mobile payment system will land in countries outside of the South Korean mobile market. But considering that LG is, after all, still one of the most recognizable brands in mobile across the globe today, there is a decent chance that LG Pay will also be debuting in international markets.
Of course, how well LG Pay will be received in South Korea will be key to any further expansion plan.It bears noting that mobile payment systems in general do take some time to gain some traction. Even in the United States mobile market, progress has been a bit slow. Despite the leader among brands of contactless modes of payment, Samsung Pay is used by merely 4.5 percent of consumers the service is made available to, based on information provided by Pymnts’ website. Apple Pay is not that far behind at 4 percent, while Google’s Android Pay has some catching up to do with just 1.1 percent. The rather slow adoption may not entirely be the phone makers’ fault -- perhaps people are not just that ready yet to transition into using mobile payment systems. The reason for this is likely unfamiliarity with the said technology, and quite simply, lack of trust.
News of LG’s plans to develop and introduce a mobile payment system of its own surfaced as early as November in 2015. At that time, it was reported that the South Korean tech giant was joining forces with Shinhan Card and KB Kookmin Card, two banking institutions based in LG’s home country.
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