It seems that having a mobile payment platform is a must for every tech company. Some of the big names who have already launched their own payment systems include Apple, Samsung and Google. All the different platforms sort of do the same thing so they don’t offer much of a difference.
LG also wants a share of this sector as it has just confirmed that it has its own mobile payment solution to be launched next month. LG confirmed this to the Korea Times a few days ago. LG is already working with South Korea’s main credit card companies to make it all smooth when launched.
At this point, LG has not confirmed the name that this payment platform will be called or the exact date it will be launched. The company also did not reveal if the platform will be rolled out globally or if it will be available in select few markets.
As for the medium to be used, LG has not confirmed if it will go with the Magnetic Secure Transmission (MST) similar to the one used by Samsung Pay or if it will stick with NFC. Personally I think they will use MST.
It is not clear why LG decided to venture into this given that the market is filled with different payment platforms doing the same thing. The company is obviously looking for ways to get people to buy its phones but the question is, will people be willing to buy just because it has this feature? Only time will tell, we will have to see some of its unique features to decide if it is appealing or not.
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