In June 2017, LG Electronics launched its own mobile payment system in its home country of South Korea. The LG G6, the top model of the time, was the first smartphone to support LG’s mobile payment service. LG Pay is the counterpart of payment services such as Apple Pay, Samsung Pay and Google Pay (formerly Android Pay).
Mobile payment services
In the Netherlands, It has been possible through the contactless payment system. Although the target group is getting bigger, all the above mobile payment services are still not available in our country. Unlike, for example, America, where all the aforementioned payment systems are accepted, except for LG Pay.
For a long time, it was assumed that LG’s mobile payment system would also be introduced in the United States in 2018, but it has not yet come into effect. Especially Apple Pay is popular among Americans, this payment service has the largest number of American users. But Samsung Pay has also been active in the United States for three years.
Samsung Pay has one clear advantage over Apple Pay and Google Pay, this payment service not only works via NFC card readers but is also compatible with the older magnetic strip readers (MST), which means that the mobile system is accepted by more retail chains. LG Pay is based on wireless magnetic communication (WMC), somewhat similar to Samsung Pay.
LG Pay Quick
A new trademark from LG Corp. indicates that the Korean manufacturer intends to expand its mobile payment service. The company has filed a trademark for the LG Pay Quick brand name.
The trademark for LG Pay Quick was applied for on 17 October 2018 in Europe, America, and home country South Korea. Both the EUIPO (European Intellectual Property Office), the USPTO (the United States Patent and Trademark Office) and the KIPO (Korean Intellectual Property Office).
Since none of the mobile payment services in the Netherlands can still be used, it seems unlikely that LG Pay will soon be supported in our country. In several other ‘European’ countries, such as France, Spain, Italy, England and Russia, one or more of the aforementioned payment systems are already supported. It seems to be a matter of time before contactless payment with your smartphone becomes possible anywhere.