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

 

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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

– 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.

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