Rumor has it LG is working on its own mobile payments app to take on alternatives from Samsung, Google and Apple. Now a new report reveals that the service could launch as soon as next month.
Speaking to The Korea Times, an unnamed LG Official allegedly confirmed that “G Pay” should arrive before the end of the year. However, the company still needs to sign deals with major credit card companies. LG is reportedly set to finalize a partnership with two Korean firms by the end of the week.
LG hasn’t revealed much about its mobile payment service so far. It’s unclear if G Pay will be available in the U.S. at launch, or just in Korea. We also don’t know if the new app will rely on NFC like Apple Pay and Android Pay, or work with magnetic stripe scanners like Samsung Pay. We assume it’s the former, however, since the latter technology was acquired by Samsung when it bought LoopPay.
If LG does launch a mobile payments app before the end of the year, it will still face plenty of competition at home and abroad. Samsung Pay is reportedly a big hit in Korea already, while Apple Pay is quickly gaining traction in America. Still, if LG can come up with something new, it may have a shot at the relatively new mobile payments market.