Before Apple Pay was announced last year, mobile payments hadn't really taken off. We had Google Wallet and then the carrier-backed SoftCard (which Google acquired parts of). Now we have Samsung Pay, Android Pay and soon, LG G Pay. Samsung Pay is probably the best out of all the mobile payment solutions right now because it doesn't work solely off of NFC. With their acquisition of LoopPay, they are now able to just use the magnetic strip reader that every single store that accepts credit or debit cards has, with their smartphones. Making it work in many, many more places than Android Pay or even Apple Pay. But what about LG G Pay?
Rumors coming out of South Korea today point to the fact that LG is looking to launch their own mobile payment system, and it could come as soon as next month. The company stated that they are preparing to sign a deal with a few major card companies in their home country. Some reports out of South Korea are suggesting Shinhan Card and KB Kookmin Card to be among those. Who are actually two of the largest card companies in South Korea. LG has yet to announce when the service will go live, but deals are expected to be signed as early as Thursday.
While LG has yet to announce how their mobile payment system would work, many of us have a pretty good idea of how it'll work. Likely using NFC, similar to Android Pay and Apple Pay. Hopefully LG will have it work as seamless as Android Pay does, or it may not catch on as quickly as they would have hoped.
For LG, it wouldn't be too surprising to see their mobile payment service launch in South Korea as early as next month and then launch worldwide with the LG G5 next year (current rumors are pointing to a March announcement). As that would give LG time to do a small test of the system in South Korea before bringing it to other countries. It's what Samsung did with Samsung Pay, as that was announced in March with the Galaxy S6, but didn't officially start working in the US until about September.