LG is attempting to match handset rivals Apple and Samsung by announcing its own plans for a mobile payment system.
The South Korean vendor said it had signed an agreement with two leading local credit card firms for the new service, which unsurprisingly will be called LG Pay. The two firms are Shinhan Card and KB Kookmin Card.
LG did not reveal any technical details about its proposed service or a rollout schedule. But most likely it will follow competitors and offer a NFC-based service that enables users to make contactless payments at the point-of-sale in shops and restaurants using their LG smartphones. Virtual versions of its partners’ credit cards, sitting in a mobile wallet on the device, will likely be used for actual payments.
A LG spokesman told Techcrunch that more details will become available in “coming weeks”.
And local news agency Yonhap reported that LG Pay will be available on all its handsets, not just high end models.
However, LG will face a struggle to match larger rivals Samsung and Apple. Not just do they enjoy a significantly larger market presence, their payments systems are already deployed. Samsung is available domestically and in the US, while Apple has debuted in the US, UK and Canada.
As well as services offered by rival handset vendors, LG also has to contend with other NFC-based rivals, including Google’s Android Pay.