Finally, LG is entering into the mobile payment service business. The electronics giant has announced that the company will launch its own mobile payment system called LG Pay. This is not going to be an easy task for LG, as the company has to compete with some already available mobile payment service like Apple Pay, Samsung Pay or Android Pay.
Currently, this mobile payment system from LG will only be available in South Korea. This announcement from LG put all the rumors to rest, which was spreading in October that LG was entering into mobile payment service.
LG has announced about its new payment service through a Facebook post, “It’s official! We have partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay.” The electronics company has partnered with South Korea based Shinhan Financial Group and KB Financial Group for launching LG Pay.
The partnership with these two banks clearly indicates that the LG Pay will be exclusive for South Korea at least for now. This means that now LG smartphone users in South Korea can pay for their stuff with their mobile phones via LG Pay. But, we may see some official announcement about the expansion of this mobile payment system from LG to some other international markets in near future.