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LG rumored to be working on a versatile 'G Pay' service
Mobile payment ecosystems have hit the mainstream this year, with the launch of Apple Pay and Samsung Pay bringing the feature to new markets and customers. According to insiders and a couple of trademark applications, electronics manufacturer LG may be preparing to launch its own mobile payment system under the title ‘LG G Pay’.
LG has applied for G Pay trademarks in both South Korea and the US, suggesting that a global launch may be on the cards. Given the naming strategy used by current mobile payment technologies in the market, it’s a pretty safe bet that this is the name that LG is planning to use for its own rumored payment service. Sources also state that LG Electronics Director Kim Jong Hoon confirmed that the company plans to enter the payment business, back at a reporters conference for the V10 smartphone on October 1st.
“Applying for trademark in foreign country indicates that it will start its business in detail. It shared and gathered information about South Korean mobile payment technologies with couple card companies.” – anonymous source in financial industry
Samsung Pay is seen as the leading mobile payment platform in terms of technology, due to its support for commonly used magnetic strip readers as well as NFC payment methods. According to industry insiders, LG’s technology will be more versatile than any other technology on the market right now, although exact details about which technologies LG’s system will support have not been disclosed.
“LG is working hard to secure versatility that surpasses current mobile payment methods.” – source familiar with LG Electronics
Not only would a move into mobile payments help keep LG competitive with some of its biggest rivals in the smartphone market, but it would also allow the company to capitalize on the lucrative, growing mobile payment market. It is not clear exactly when LG will make an official detailed announcement about its plans, but here’s hoping that it will come before the end of 2015.