wordpress blog stats
Connect with us

Hi, what are you looking for?

LG signs up with Korean credit card companies for its payments service

 

chillr-adOur Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook.

Mobile_payment_01

South Korean handset manufacturer LG is launching its own mobile payments service and has roped in credit card companies Shinhan Card and KB Kookmin Card for the same. LG’s services, which will take on Apple Pay, Samsung Pay and Android Pay, will be first available in South Korea and the United States.

LG made the official announcement about the deal on its Facebook page and the new service will be called (no surprises there) LG Pay. In October, VentureBeat had reported that LG had filed with the US Trademark and Patent office and that it was working on a product called GPay.  The trademarked name is listed under smartwatches and mobile devices and is related to data transmission. It will be interesting to see if LG extends payments on wearables and how it would pan out in that segment.

Apple Pay recently expanded its operations to Canada for American Express customers. In a recent call with analysts, Apple also said that it would be expanding to other geographies such as Australia, Hong Kong and Singapore in 2016. Meanwhile, Samsung Pay is expected to reach the United Kingdom and Spain next year in Q1 as well.

Other developments

Advertisement. Scroll to continue reading.

– Apart from Apple Pay, Samsung Pay and Android Pay, LG will have to contend with MasterCard which introduced a new programme called Commerce For Every Device which will allow products such as car key fobs, wearables, and fashion accessories to be converted into a payment device.

– In July, PayPal acquired San Francisco-based payments transfer service Xoom for $890 million, in an all-cash deal. CEO Dan Schulman said that acquiring Xoom will allow them to offer more services to their global customer base and help accelerate their expansion in key international markets, including Mexico, India, the Philippines, China and Brazil.

– JPMorgan Chase & Co will soon launch its own competitor to Apple Pay that will allow consumers to pay retailers using their smartphones in stores, reports Reuters. The application called Chase Pay has signed a deal with the Merchant Customer Exchange, a group of major retailers including Wal-Mart Stores, the largest US retailer, and Best Buy Co Inc to accept payments through the bank’s technology.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

News

This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

News

It is widely argued that the PDP Bill report seeks to discard the intermediary status of social media platforms but that may not be...

News

Looking at the definition of health data, it is difficult to verify whether health IDs are covered by the Bill.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ