Digital Payments

LG To Expand LG Pay Beyond South Korea

LG, which last month launched its mobile payment platform in Korea with its G6 handset, is expanding the payment method into other smartphones and into other countries.

According to a news report which cited Cho Jun-ho, president of LG’s mobile communication division, the executive stated at a press event: “We will expand the use of LG Pay into low-budget smartphones alongside premium phones next year [2018].”

The executive also said LG Pay, the mobile payment method, will be expanded to other countries around the globe but wouldn’t say when it would happen in 2018. There are logistical issues the company still has to work out, noted the report.  

The report stated it’s logical for LG to expand its online payment service to the low end of its smartphones so that the service can reach more customers. After all, there is a lot of competition in the market from Android Pay and Samsung Pay, both of which have been available for roughly two years now.

Early last month, the South Korean consumer electronics company announced LG Pay, which is based on wireless magnetic communication technology that allows users purchase things by touching their smartphone to traditional credit card payment terminals. Samsung Pay also lets users do that through magnetic secure transmission technology, noted the report.

 LG Pay, at the start, will be available via Shinhan, KB, BC and Lotte, the four credit card companies, but the number supporting the online payment method is expected to expand by the time September is over. Customers of LG Electronics’ G6 smartphone, its newest flagship device, will be able to pay with software updates. LG Pay will find its way into other smartphones in the future, the company said, according to the report.

LG Pay comes to the market certainly a bit behind the payments plays made by other handset rivals like Apple and Samsung, both of which are available in more than 10 countries and on more than one model of phone. And Google has the benefit of already being there, since Android Pay is already available on LG phones — ditto PayPal.

LG Pay, at launch, on the other hand, will only live on one type of phone — the flagship G6 model. And it is a costly flagship, with a $796 sticker price.

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