In 2017, LG joined the ranks of Samsung, Apple, and Google with LG Pay, a service which allows users to make payments offline – in the same way that one would use a credit card. This Fall, all major credit cards integrated into the platform. South Korea, home of LG, is the first country to enact widespread adoption.
Security concerns which plague consumers and deter many from the mobile or e-payment market are met by LG’s authentication process which uses a fingerprint to confirm a purchase. All LG models will be able to support the application via software updates. New models from the G6 on will come equipped with the hardware.
Users can register ten credit cards as well as membership cards and loyalty rewards cards for retail stores.
“You can use any of these cards. Various membership cards such as mobile carriers and retail stores can be registered, paid, discounted and redeemed at once and can also be used as a transportation card. In addition to offline payment, LG Electronics plans to expand its LG Pay functions by offering various services such as online payment and banking services.”
LG plans to offer online payment and banking services through their service. As more and more consumers choose to forgo cash, LG will take up space in the ever-increasing market. LG Pay relies on Wireless Magnetic Communication (WMC) technology. WMC and Bluetooth Light Energy (BLE) are on the forefront of mobile payments. As more devices are Bluetooth-equipped, we may see a rise in BLE as the preferred form of mobile payment and banking.