LG announced on October 1 its new mobile payment system, the LG G Pay, which is rumored to debut in LG G5 units soon. It is currently undergoing talks with credit card companies and financial institutions regarding possible integration with its respective products. With this recent development, LG now joins Apple, Google, and Samsung in delivering mobile payment services to many mobile phone users.
The electronics giant will be offering their LG G Pay service to the US and eventually to the rest of the world, Nicole Arce of Tech Times reported. She said that the company had already filed trademark application for the phrase, "G Pay", and was approved by the US Patent and Trademark Office by the end of September, 2015.
Arce noted, however, that LG was far from just applying for a trademark. According to her, LG was also conducting tests for NFC-based (near field communication) devices and was even looking beyond NFC to accommodate a huge market of users. Arce later hinted at LG making use of magnetic secure transmission (MST) payments as one additional technology for their LG G Pay mobile payment app.
In other developing news, LG G Pay is set to take on Apple, Samsung, and Google according to Venture Beat reporter Ruth Reader. The strides taken by LG in introducing their own mobile payment app was a clear indication of their intent to match itself up against the Big Three, according to Reader.
She also indicated that many are still slow in acknowledging mobile payment systems in place of credit cards. The entry of the South Korean electronics giant in the mobile payment app market was seen as a deal changer, however. Reader later concluded that the introduction of a mobile payment system through various merchants will encourage more consumers into using this app. But this will require enough compelling case to convince them to use it, she added.
And finally in the news, LG G Pay might be making its first appearance on LG's next flagship, LG G5. This was according to Michael Moore of Tech Week Europe. Moore also added that LG was looking for a successful launch of their LG G Pay similar to that of Samsung Pay in the UK later this year. Samsung Pay churned out a hefty $30-M worth of transaction in its first month upon launch in South Korea, he said.
With LG entering the upcoming mobile payment system arena, it is no doubt that mobile phones are now carefully treading the path towards consumer services. Whereas before they were only focusing in portable communication services, mobile phones are slowly venturing into commercial services making them more adaptable to consumer needs.
LG only needs to compel its mobile phone users to use their new LG G Pay app in order for them to fully tap other possibilities with this evolving mobile payment service niche.
Join the Conversation