LG is about to join the market of mobile money payment companies with its LG Pay. Companies already in the field of mobile payment include Apple(Apple Pay), Google(Android Pay), Samsung(Samsung Pay).
Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.
LG has partnered with credit card firms Shinhan Card and KB Kookmin Card to bring contactless payments to its customers in South Korea via its LG Pay.
Shinhan Card and KB Kookmin Card are South Korea’s two largest credit card firms.
LG did not reveal when LG Pay will launch, if it will be expanded to more regions or any more details about the system but it is expected to rival the likes of Apple and Samsung Pay.
The claims were made by South Korean wire service Yonhap, although it didn’t reveal the source of its information.
Apple Pay launched in the US last year and went live in the UK in July while Samsung Pay launched in Korea in August, the US in September and is scheduled to come to the UK, China and Spain at the start of next year.
Contactless payments are now capped at £30 in the UK to help prevent fraud, but Apple Pay allows payments of any amount and said the limit is imposed by the retailers.