Remember LG Pay? The future mobile payments service thats’s coming from LG? Well, it just got a little more interesting.
A new report about LG Pay shows that it won’t actually be the mobile payments scheme that it once was reported as. Instead, it appears LG Pay will roll out in the form of a smart card rather than a smartphone app.
In the October reports, according to a filing with the U.S. Trademark and Patent Office, LG had filed a patent for its mobile payments service, which was named in the application as GPay. That name is specifically listed in categories that relate to smartphones, smartwatches, mobile devices and data transmission. LG was reportedly working with financial services in South Korea to bring this service to market.
Since then, however, a lot has changed.
A “White Card” has leaked, which describes the potential future of the payment method. These details were obtained by Korean outlet ETnews. What the details show is that LG Pay is similar to the Coin smart card. Coin is best known as the all-in-one connected card (credit, debit, gift, loyalty, membership cards) that consumers can use in place of the stack of cards they carry in their wallets.
This card, according to the report, enables payments that take the card beyond just a typical payment card; it also allows customers to take money out from an ATM from a variety of accounts. The card needs to be charged in order to be used.
So far, LG Electronics has pre-ordered roughly 50,000 of these cards for its initial launch. The card will roll out in South Korea for its mass production release if discussions with a South Korean smart card business go through.