LG working on 'G Pay' to challenge Samsung Pay, Apple Pay and Android Pay

LG Electronics is working on a mobile payment solution that will take on Samsung, Apple and Google in the already crowded but quite lucrative mobile payment business.

LG has just applied for a trademark of “G Pay” in South Korea and will follow this up by applying for a trademark in the U.S., said ET News. There has been no confirmation from LG about this, however, but industry experts believe the word “Pay” does indicate LG will enter the mobile payment business.

Reports said LG has been in touch with South Korean financial firms and was intently scrutinising the competition since the year. That interest rose after Samsung launched Samsung Pay.

A report in Android Authority said LG Director Kim Jong Hoon confirmed that LG wants to enter the global mobile payment business. Kim made these remarks at the press conference on Oct. 1 that unveiled the LG V10.

According to industry experts, LG’s mobile payment system will be more versatile than the technology used by its competitors.

Digital Trends said LG might offer mobile payment solutions in the U.S. and Europe. It also said LG has run tests of G Pay on LG watch Urbane and LG G4 in collaboration with Cashbee in South Korea. The fingerprint sensor on the LG V10 will support LG’s mobile payment system.

To capitalise on the ever growing payment business, LG is working hard to enhance the service and might consider using NFC (Near Field Communication) in accepting payments. This move will help the company tie-up with retailers currently supporting Apple Pay and Android Pay.

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