The current breadth of mobile payment systems is still fairly limited. We’ve focused in-depth pieces on the three major efforts from Android, Apple and Samsung so far. In regards to the chaebol of the group, it says that Samsung Pay has been doing well for them, especially in its home country, and expansion is not a question of if, but how and when.
Rival chaebol LG hopes that the wild west is still open enough for one more payments solution as it plans on launching something that could appear in both Korea and the US as early as next month.
The company is signing agreements with Korea’s two largest card companies. We aren’t sure if LG will go beyond the typical NFC-based payment registry. The V10 is the only smartphone from the company sporting a fingerprint sensor, so we aren’t sure if security requirements will limit the availability of this program.
We’ve previously dubbed the program “G Pay,” though LG has registered trademarks for several potential names, including “G-Play.”
Analysts are doubtful LG will drag Samsung’s momentum, but if things are panning out the way they reportedly are, we have only weeks to see.