LG confirmed that it’s working on a new mobile payment service called “LG Pay.” LG hasn’t said much about how it will operate, details will be coming in the next few weeks, but it might differ from Apple, Samsung and the rest of the competition.
According to ETNews, LG is likely to go with a “White Card” system. That means the company would issue a special plastic credit card that syncs with an app on your phone. The new card would likely be able to store multiple card accounts at the same time, which sounds pretty similar to the Coin card. Offering a physical card has a few clear advantages. First, it means you can use it almost anywhere, even if there’s no NFC terminal in sight. It should also work with older devices—possibly even non-LG smartphones—since you don’t need any new chips or components.
LG said that partners for LG Pay include Shinhan Card and KB Kookmin Card, though it hasn’t provided any information on partners for other markets, such as the U.S.