Trademark applications stoke LG mobile payments rumours

While the filing (via VentureBeat) offers nothing in the way of detail, it doesn’t take much to leap to the conclusion LG plans to follow Samsung, Apple and Google into the mobile payments sector. The company has filed for patent in the United States and South Korea for a service called G Pay.

The trademarked name is listed under smartwatches and mobile devices and is related to data transmission.

LG is hopefully planning on creating a service that meets the standards of its competitors, but we are slightly concerned with the possible flaws in mobile security nowadays, with tons of reports on smartphones getting hacked regardless of platform. The current options of mobile payment are still in their infancy and LG’s attempt to break into the market might prove to be unsuccessful seeing how it will have both Samsung and Apple as competitors. Samsung is rolling out the tap-to-pay service to its line of smart televisions for ease of access during movie marathons or sports events viewing parties, while Apple Pay has started setting its sights towards China.

The mobile payment method has been growing in as a preferential mode of payment, though it still has a long way to go if it wants to replace credit card payments. Its patenting has given rise to the speculation that G Pay might be available by the end of this year. “Most people believe that LG Electronics” mobile payment solution, which focuses more on “second-tier strategy’ than early preoccupancy of markets, will have wider payment range and be more versatile than Samsung Pay“, ETNews said. Apple seems gained a upper hand with its announcement today that it has added over 12 percolating banks under Apple Pay.