LG, the South Korean company reportedly developing its own mobile payment platform which is dubbed as G Pay. This new platform will compete against the rivals, which offering the services like Android Pay and Samsung Pay. This service would presumably work across the company’s portfolio of Android powered smartphones and Android wear smart watches.
According to the source, the company recently applied for a G Pay trademark in Japan, Korea and the United States. The report also stated that, LG has been working on the services offered by its rivals and also sharing information with credit and debit card companies.
By developing this payment service, the company enhanced the focus on the versatility. The company starts taking the interest after Samsung launched Samsung Pay, although the LG’s service won’t be able to offer the same kind of mobile transactions. Samsung Pay takes advantage of NFC in addition to magnetic stripe terminals, the latter of which is a unique service originally developed by LoopPay, which Samsung acquired last year.
LG Electronics applied for the trademark in US, indicated that the company will start its business in the mobile payment market, which is worth hundreds of billion dollars by targeting the world.
One of the spokesperson from the financial industry, said that, “Applying for trademark in foreign country indicates that it will start its business in detail. It shared and gathered information about South Korean mobile payment technologies with couple card companies.”
LG still didn’t give any accurate details relevant to its G Pay System, since it is in the process developing the payment system. LG is functioning the hardest to secure versatility for the current mobile payment methods.
