LG Could Enter Mobile Payments With ‘G Pay’

The mobile payments market could be about to get another high-profile competitor following speculation LG is set to launch its own branded service.

Reports from the company’s home nation of South Korea have said that the smartphone maker has registered the name G Pay both there and in the United States as it looks to enter the payments market.

Such a move would appear to propel the firm directly against Google’s Android Pay system, which would probably be included in future LG smartphones

Pay up

Although registering the name does not mean LG is set for an imminent launch, the report also adds that LG has been investigating rival mobile payments offerings while also “sharing information” with credit/debit card companies.

It’s not known yet what form G Pay will take, such as whether it will incorporate NFC technology or also include magnetic secure transmission (MST) technology like Samsung Pay does.

If complete, we could well see G Pay appear in future LG smartphones such as the expected LG G5, the successor to the company’s last flagship, which was revealed back in April, or as an addition to its brand new V line, which saw its first launch, the dual-screen V10 device, (pictured above) last month.

LG would hope for a similar level of success as Samsung Pay, which is set to launch in the UK later this year. Following its launch last month, Samsung revealed that the service had been used for $30 million (£20m) worth of transactions – equivalent to nearly $1 million (£660,000) a day – during its first month of operation in the company’s homeland of South Korea.

After months of speculation, Google also finally launched the first phase of Android Pay last month, revealing that it would now be available to use at around one million stores in the United States.

All clued up on mobile payments? Try our quiz!

Mike Moore

Michael Moore joined TechWeek Europe in January 2014 as a trainee before graduating to Reporter later that year. He covers a wide range of topics, including but not limited to mobile devices, wearable tech, the Internet of Things, and financial technology.

Recent Posts

Ericsson To Cut 1,200 Jobs in Sweden Amid ‘Challenging’ Market

Swedish telecoms giant Ericsson blamed “challenging mobile networks market” and “further volume contraction” for job…

16 hours ago

FTX’s Sam Bankman-Fried Sentenced To 25 Years In Prison For $8bn Fraud

Dramatic downfall. Sam Bankman-Fried sentenced to 25 years in prison for masterminding $8bn fraud that…

17 hours ago

Elon Musk Orders FSD Demo For Every Tesla US Sale

Fallout avoidance? Tesla buyers in the US must be shown how to use the FSD…

17 hours ago

Amazon Pumps Another $2.75 Billion Into Anthropic

Amazon completes its $4bn investment into AI firm Anthropic, after providing an additional $2.75bn in…

19 hours ago

The Sustainability of AI

While AI promises unparalleled efficiency, productivity, and innovation, questions regarding its environmental impact loom large.…

22 hours ago

Trump’s Truth Social Makes Successful Market Debut

Shares in Donald Trump’s social media company rose about 16 percent after first day of…

22 hours ago