Tag: mobile payments

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.

Among 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.

Mobile commerce continues to grow throughout the world

Mobile commerce is evolving quickly throughout the world, especially as more companies become involved within this space. Companies that develop mobile wallets are expected to see promising new opportunities in this sector, as they have come to play a major role in the mobile commerce market. Discover Financial Services believes that mobile commerce will become a powerful force throughout the world, as it continues to grow as consumers are becoming more reliant on their mobile devices when shopping online and in the physical world.

Consumers now expect an enjoyable digital shopping experience from merchants

Amy Parsons, vice president of global commerce at Discover, notes that digital shopping experiences are no longer simply luxuries. Consumers now expect retailers to support digital shopping, especially when it comes to shopping with a mobile device. Retailers will have to vastly improve the mobile shopping experience if they want to secure customer loyalty. Poor shopping experiences can drive consumers to other retailers that have better offerings. Those becoming mobile-centric are expected to be able to take advantage of promising new opportunities that they did not have before.

Discover sees promising opportunities for merchants that want to engage in mobile commerce

Discover has been keeping track of the growth of mobile commerce, noting that more consumers are beginning to rely on mobile wallets when it comes to shopping online and in physical stores. The applications allow consumers to store a wide range of information, including digital coupons and loyalty rewards offered by their favored merchants. These apps also store financial information, allowing consumers to pay for products that they are interested in conveniently.

Discover to continue working with companies to help them become more mobile-centric

Mobile commerce is expected to continue growing, with Discover likely to play a larger role in this sector. The company is moving the important aspects of a merchant’s business over to the mobile space, as well as the digital space. The company will continue to work with merchants in order to provide them with ways to effectively engage mobile consumers.