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LG Pay won't now be unveiled at MWC 2016
Along with its new G5 flagship and mid-range smartphones, LG has been gearing up to launch its LG Pay service at this year’s Mobile World Congress. However, LG has now pushed the launch date back into the second quarter of the year to ensure maximum exposure for its upcoming G5 smartphone.
LG has been preparing to launch its mobile payment service since late last year and has been partnering up with a number of card companies. However, the electronics giant looks to be prioritising the launch of its G5 smartphone ahead of its mobile payment system.
“LG Electronics has delayed the official launch of LG Pay to the second quarter of this year to help the new LG flagship smartphone ― G5 ― receive more media attention,” – LG official
In addition, one of LG’s technology affiliates suggests that the company is concerned about flagship smartphone sales, after facing tougher market conditions and a lack of traction with its last generation flagships. The G5 is looking to be a key handset to lift LG’s mobile business, which posted another, albeit smaller, loss in the most recent quarter.
LG’s mobile payment system would be going up against the Apple and Samsung Pay platforms, which have already staked out strong claims in the market. However, rather than relying solely on mobile devices, LG Pay would make use of a general purpose “White Card” that can be tied to existing bank accounts and cards. The card appears to make use of a small display and navigational buttons to allow consumers to pick between associated cards.
LG has apparently already signed up a number of Korean card companies, but rumors suggest that LG may be behind on signing up card companies in other target markets, such as the US. Although an LG official denied that this has anything to do with the launch delay.