Thursday, November 19, 2015
Korea-based smartphone manufacturer LG Electronics Inc. is entering the crowded mobile payments arena. The company broke the news in a Nov. 18, 2015, update to its Facebook page. The solution, dubbed LG Pay, is expected to launch in December.
LG will join a field populated by established competitors Apple Pay, Samsung Pay and Android Pay through an alliance with Korean card brands Shinhan Card Co. Ltd. and KB Kookmin Card Co. Ltd. LG's Facebook post features a picture of top executives from all three partnering companies: Juno Cho, President and Chief Executive Officer of LG; Wi Sung-ho, CEO of Shinhan Card; and Kim Duk-soo, CEO of KB Kookmin Card.
Following Samsung Pay's lead, LG Pay will launch initially in Korea. Some observers have said it will likely follow Samsung to the United States, as well, since it has trademarked the product name in both countries. Samsung is reportedly entering new markets in the first quarter of 2016 that include China, Spain and the United Kingdom. There is no word yet on what LG's expansion plans might be.
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