By Ho Young Won, Freelance Writer for Polaris Office
Smartphone manufacturers have been at war with one another for years concerning marketshare, operating systems, and patents. However, a new battle has begun in the field of mobile payment services. Last year, Apple created launched Apple Pay which paved the way for other companies to produce standardized mobile payment systems such as Android Pay and Samsung Pay. Last Wednesday, LG officially announced their own system called LG Pay.
Although LG revealed the official name for their mobile payment service, they have only announced their partnerships with local banks in South Korea and have not released any specific details on how it will work.
Most news outlets expect LG Pay to work very similarly with other popular mobile payment systems (via fingerprint sensor, NFC, etc.). However, some websites are speculating that LG might utilize a card system, resembling the Coin card, in which you will be able to sync and store numerous card accounts onto a single card from your smartphone.
LG representatives have stated that more details will be announced in the coming weeks including global availability and more partnerships with banks.