UPDATE: LG has confirmed its mobile payment service. Over on its Facebook page, LG revealed that it's partnering with Korean credit card companies Shinhan Card and KB Kookmin Card for the launch of LG Pay. However, LG didn't say when LG Pay will launch.
ORIGINAL: It was recently discovered that LG had applied for the trademark to the name “LG G Pay,” which led many to speculate that the company is prepping its own mobile payments service. Now the company has apparently confirmed that that’s the case.
The Korea Times reports that an LG Electronics official has confirmed that the Life’s Good crew has a mobile payment service coming. “We will sign a deal with some of the country’s major card companies before officially launching our mobile payment platform,” the LG rep reportedly said. The rep also allegedly said that the service will launch as soon as next month.
While still far from mainstream, mobile payments do seem to finally be gaining a bit of traction with the public lately. Apple, Google, and Samsung have all launched mobile payment services, and card terminals that accept NFC payment methods are being adopted by major retailers like Whole Foods, McDonalds, Nike, GameStop, Express, and Coca-Cola. That’s why it’s not totally surprising to hear that LG may be close to launching its own payment service. The question is, will an LG service have be able to compete against major like Google and Samsung?