Tag: lg mobile payments

Mobile payments are appearing everywhere, including LG

The smartphone and consumer electronics manufacturer has now entered into the rapidly growing market.

In a market already rapidly filling up with Apple Pay, Android Pay and other large names of mobile payments options, LG has now unveiled its own option after having partnering with South Korean credit card companies KB Kookmin Card and Shinhan Card.

The companies have worked together to create a smartphone based payment system that will first launche in South Korea.

While the mobile payments service will be available exclusively in South Korea at its initial launch, it is unclear as to whether or not the service will move to an international market. At the moment, no date has been set for taking that kind of step outside the country.

There are currently many different types of technologies being used in order to complete payment transactions through the use of mobile devices. The two giants, Apple Pay and Android Pay, have both based their services on near field communication (NFC technology). At the same time, Samsung is using magnetic secure transmission (MST) that is comparable to the magnetic strip on a credit card.Mobile Payments - LG

LG mobile payments have not yet announced the type of technology that it will be using to complete transactions.

A growing number of retailers are starting to update their point of sale terminals in order to be more compatible with some of the top technologies being used for payments through mobile devices. It is likely that LG will choose a more established technology in order to ensure that it will be able to be compatible with the point of sale devices that are already in place now that its predecessors have paved the way for the use of mobile technology at the checkout counter.

The mobile payments space is one that has seen considerable controversy over the last few years as many believe in it, while others feel that it will never take off in the mainstream. A new study conducted by Research Now indicated that 51 percent of consumers would prefer to use a wallet app issued by their own financial institution as opposed to a third party such as Apple Pay, Android Pay or LG Pay. The next years will clearly be defining within this sector of the tech market.

Mobile wallet may be in the works at LG

One of the major providers of Android based smartphones in the United States may be entering into mobile payments.

According to recent reports and rumors that are becoming increasingly widespread online, LG Electronics is in the midst of an effort to develop and launch its own native mobile wallet app.

These headlines have come into the spotlight after the company made a trademark filing for names suggesting payments.

The names that have caused speculation about a native mobile wallet from the company are “G Pay” and “LG G Pay”. These trademark filings were made both in South Korea and the United States, according to a number of reports including ETNews from South Korea. The trademark claims were apparently for functions that were “related to data transmission” with regards to both smartphones and smartwatches.

There have also been a number of others steps taken by LG that suggest a potential mobile wallet.

New Mobile Wallet App May LaunchAmong the moves that LG has taken that indicate that it is interested in stepping into mobile payments include the Watch Urbane LTE smartwatch from the company which includes NFC (near field communication) technology. This is the same tech used by a large number of the mobile payments platforms that are already in existence. This would make it possible for devices to complete transactions at a checkout counter.

Also a component of the speculations was the statement made by Kim Jong Hoon, the director of LG Electronics, when he said that the company had been considering an expansion into smartphone payments at a media conference this month for new hardware from the company.

This would make LG the fourth launch of a mobile wallet in the United States from a major company, since 2014. The primary competition that LG will be facing within this sector is likely from Google and its Android Pay. The reason is that because LG’s devices are Android based, it would give consumers the choice between the two apps. Moreover, it could even be that both of those mobile apps could come pre-installed on the devices. Therefore, consumers would be most likely to choose from between the two applications that are already there, as opposed to downloading an alternative.