LG signs up with Korean credit card companies for its payments service

– Apart from Apple Pay, Samsung Pay and Android Pay, LG will have to contend with MasterCard which introduced a new programme called Commerce For Every Device which will allow products such as vehicle key fobs, wearables, and fashion accessories to be converted into a payment device.

South Korean handset manufacturer LG is launching its own mobile payments service and has roped in credit card companies Shinhan Card and KB Kookmin Card for the same. While not much is known about LG’s mobile payments solution at this time, but the company said in a statement to TechCrunch that it “will have more details in the coming weeks”.

Apple’s new mobile payment system is available on its latest devices, this includes the iPhone 6S, iPhone 6S Plus, iPhone 6, iPhone 6 Plus and the Apple Watch for in store purchases and online. The system will use the same technology that many merchants already use to scan gift cards.

No matter if you have a Visa, MasterCard or American Express card, you can use it to make payments using Apple Pay or Samsung Pay.

The video also explains how users can set up Apple Pay via the Wallet app, it also provides instructions on how Apple Pay can be used to make payments within an application. This announcement from LG put all the rumors to rest, which was spreading in October that LG was entering into mobile payment service.

It’s important to note that we don’t know what kind of functionality LG Pay will have yet.

It might sound unfair to make such a negative assertion before the product has even dropped.

An LG spokesman declined to comment on the report.