LG Wants Your Bank Too, Gets In On Mobile Payments With LG Pay

Did you wake up this morning and think to yourself that the world would be a better, more convenient place if only there existed another mobile payment system? The thought occurred to LG Electronics at some point, and so the South Korean electronics firm announced through social media that it plans on entering the fray with LG Pay.

"It's official! We have partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay," LG's mobile arm posted on its Facebook page.

LG Pay
LG has partnered with Korea's two largest credit card companies to introduce LG Pay

That's all LG is saying on the matter at the moment, though reading between the lines, it looks like the phone maker will look to establish a base in its home territory before potentially expanding into other markets. Shinhan Card and KB Kookmin Card aren't names that get passed around in the U.S. all that often, if at all, though they're the biggest credit card firms in Korea.

Should LG expand its mobile payment system to the U.S. and other places, it would be going up against three potential juggernauts in Apple Pay (Apple), Android Pay (Google), and Samsung Pay (Samsung), all of which are trying to establish themselves as de facto standards.

The assumption (and again, LG isn't providing details) is that LG Pay will take advantage of Near Field Communication (NFC) technology so that consumers can wave or tap their phone on a payment terminal to initiate payment via stored credit or debit card information.