LG has trademarked the name “G Pay” for the company’s upcoming mobile payment system in South Korea and the US. During an overseas press meeting. LG executive director Kim Jong Hoon confirmed LG’s plan to launch the mobile payment system, stating that they are just waiting for the correct time to do so.
It is unclear at this point if G Pay will only work with NFC terminals, or incorporate the Magnetic Secure Transmission (MST) technology seen in Samsung Pay. According to online publication etnews, LG has been waiting to enter the mobile payment market since the beginning of 2015. The only thing no one can figure out is why LG would enter an already crowded mobile payments market, especially given that most retailers do not even have NFC-enabled terminals yet. Android Pay is available on all Android devices so it makes little sense for other OEMs to enter the market without adding additional features. Samsung certainly added value to their product with MST, and this is what makes Samsung Pay the best payments option right now in my opinion.
Hopefully we’ll hear more from LG about how they play to add something to the crowded payments market, but in the meantime they could give me some release info and pricing for that V10 ASAP!
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