LG Pay Mobile Payments Service Will Hit United States By June
LG Pay has had a long and storied history around here, going back to 2016 and even beyond. It’s been on, it’s been off, it’s been dead, it’s been planning to use selfies in some way or another. Now, it’s back, and word from the company proper is that it’s finally coming to the US, and just in time for summer.
LG plans to launch LG Pay in the United States in the first half of 2018, the reports note, and plans to make the release coincide with LG’s upcoming new phone release, the G7. The G7, along with the V40, are both set to be shown at the upcoming Mobile World Congress event in Barcelona, typically held in February.
LG Pay has been running in South Korea since last June—June seems to be a big month for LG in general—and getting on an expansion footing is about the only way to snag business away from the enormous market of competitors in play. When it arrives, however, it may not be LG Pay, but rather LG Wallet, in something of an unusual twist from established norms.
LG can compete on several fronts; it offers the Wireless Magnetic Communication system, which allows it to work similarly to Samsung Pay’s Magnetic Secure Transmission system. This allows users to touch a smartphone to a credit card device for the final connection, which may give it the same advantage of wide-scale acceptance that gave Samsung Pay something of an edge. However, LG Pay, or LG Wallet, or whatever it ends up finally titled, may have the same drawback. LG isn’t exactly a major brand name in smartphones in the US, and so that may ultimately limit its ability to compete.
The good news here, though, is that this likely isn’t a bet-the-company strategy for LG. It’s a sideshow, a way to raise a little extra cash in payment processing by offering a service the customers clearly want anyway. On that front, LG should succeed reasonably well. It may not get Apple customers to jump ship for LG, or even Samsung customers, but for LG’s current user base, this should be one more reason for them to stick around.