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Rumor: LG Pay may be late to the game, but they may have the trump card
Android Pay, Samsung Pay and Apple Pay continue fighting over your wallet (quite literally). Competition is fierce, but LG seems to be sure they have something that will lure customers to their own mobile payments service. So far all we knew is that they were looking into a more versatile technology, and in January we heard it could be some kind of magical card.
- Android Pay vs Apple Pay vs Samsung Pay Overview
- Android Pay – What is it, how does it work and who supports it?
Today we are hearing more rumors from The Korea Herald‘s sources, who also claim LG’s special trump card is indeed… an actual card (they also provided a clearer image). We are not sure if NFC will even be part of the picture yet, but LG seems to have found a solution that can actually compete with Samsung’s magnetic secure transmission (MST) technology, which pretty much supports any terminal that can read magnetic strips.
This LG Pay card is said to have a magnetic strip, an IC chip and OTP security. In essence, it seems like something very similar to what we have seen coming from Plastc and Coin. These can store all your cards and save them for later use. It effectively replaces all your cards with a single, smarter, more secure one.
But what makes LG Pay’s card special? It seems that IC chip will allow it to work even with ATMs. Crazy, right? I can’t wait to learn more; industry specialists are claiming it will probably launch along with the LG V10’s successor. If the original V10’s release date is any indication, that would mean the newer handset will launch sometime around October.
Who else is looking forward to learning more about LG Pay?