LG plans to launch its own mobile payment system, but only in South Korea

LG plans to unveil its own particular mobile payment system "LG Pay" to compete with Apple Pay, Android Pay, Samsung Pay and Chase Pay. The organization had as of now said this plans for its mobile payments venture in October at a launch event for its new V10 smartphone.

LG Pay will be able to be used in all LG smartphones, but Samsung Pay is available only for recent Samsung smartphone models, according to IBNLive. There are no details on the official name nor the date of launch.

It would appear that LG will use MST (magnetic secure transmission) innovation close by NFC, with the maker expressing that it is focusing on comfort and adaptability with its payment service. The move will straightforwardly target Samsung Pay, as of now the main mobile payment system to use MST.

While NFC is grabbing balance for contact-less payment system, running with MST ensures likeness with more settled motivation behind offer terminals. The LG Payment system will put the organization into a competition in the mobile payments marketplace. In October, JP Morgan Chase hopped into the mobile payments service with an arranged Chase Pay benefit that will launch in mid-2016 and take items from developed competitors like Apple, Google and Samsung, according to eWeek.

This payment system will permit clients to pay for merchandise and service in-store, in mobile apps or for online buys at retailers, including Walmart, Best Buy, Target, and Shell, as per an October 26 announcement. This payment service will be accessible to exactly 94 million Chase credit, charge and pre-paid card account holders.

Chase Pay is banding together with Merchant Customer Exchange LLC (MCX), which is building a payment system called CurrentC, as indicated by Chase. Pursue Pay will take off to dealers that acknowledge CurrentC, which will likewise process Chase Pay exchanges.

MCX services are popular on 100,000 retail stores in the United States. Pursue is banding together with 17 innovation sellers so that different retailers can likewise offer Chase Pay services to their clients.

Chase Pay will chip away at most smartphones and will permit customers to pay for merchandise and services, even at corner stores and drive-up windows, the organization said. The framework will utilize the same innovation that numerous traders as of now use to sweep blessing cards.

The two organizations LG is working with - Shinhan Card, a portion of the Shinhan Financial Group, and KB Kookmin Card, a portion of KB Financial Group - are among the greatest MasterCard organizations in South Korea.

It will be difficult for LG to compete with a mobile payment service with Apple, Samsung, and Google, however with the business sector still in its earliest stages everything is possible. The organization will need to accomplish something other than what's expected that will attract more users to purchase a LG smartphone to utilize its new payment service.