LG joins forces with credit card firms for payment tool

Of course, these “sources” wouldn’t comment on release timing or which devices would come with the new feature, but as Samsung Pay struggles to gain footing in the competitive world of mobile payments, this could be exactly what the doctor ordered.

According to a report by the IB Times, LG has registered the trademark LG Pay in South Korea and the States, so it’s very likely that will be the service’s name.

The LG Pay system will have a tough competition to face in both Apple Pay and Samsung Pay, services which have gotten a few traction lately, especially with the aggressive marketing campaigns both companies employ. However, none of these payment systems are so far available in India. The company is reportedly exploring partnership with major credit card companies in its home country for launching the platform, which will directly compete with rival Samsung, Apple and Google’s payment platforms. We assume it’s the former, however, since the latter technology was acquired by Samsung when it bought LoopPay.

The company has not yet opened the launch date of the service.

This shows that Samsung is feeling the heat from Chinese smartphone makers, who have started including fingerprint scanners in even lower-midrange offerings recently. Similar to other flagships from others that feature their own mobile payment systems, LG’s V10 feature fingerprint recognition technology secures mobile payments made from the smartphone.

LG Electronics Inc. said on Thursday it signed an agreement to develop its own mobile payment service called LG Pay.