LG is entering the race of mobile payments, but it won't be the same as Apple Pay and Android Pay. The question is, will it be able to take a promising position in the market, or will it perhaps surpass the companies that adopted the technology earlier?
For starters, the company has a little something different in store: a payment card that can link customers' debit and credit cards in one neat package called the LG Pay White Card. For those who don't know, other competitors on this platform had the goal of eliminating the need of a similar card to purchase goods and services.
More details of LG's plans came about when Korean website ETNews leaked photos of the said card ahead of its expected debut at the MWC 2016 The device maker was hard at work at keeping such information under wraps until the event, but details always slip through the cracks.
The LG Pay White Card has a range of uses, including withdrawing cash from an ATM. It can also be used as an ordinary credit card. On the innovative side of things, it sports an LCD display that allows users to select which credit card they want to use.
That design is part of the deal where every payment mode is consolidated into one, but aside from that, it's made so that users can make the most out of their purchases at some retail stores that have special offers for a specific card conveniently. Security-wise, it can be set to Lock mode.
Because it has an LCD panel, it should come as no surprise that it'll have to be charged. LG is reportedly going to unveil the LG Pay White Card along with a special charger aptly called White Card Charger.
As suggested earlier, other mobile wallets require only the users' smartphones to make payments, where they won't need to carry around a card. In other words, Apple Pay and Android Pay offer a new way to pay compared to using a card.
The big advantage of LG Pay is the very fact that everything is in one card. Sure, it's just like a traditional payment card, but it's sort of the card to rule them all.
In a sense, Apple Pay has more limitations, as it will need an iPhone 6s, iPhone 6s Plus, iPhone 6 or iPhone 6 Plus to work. However, it will work with an iPhone 5 when it's paired with an Apple Watch as well.
While other mobile payment systems are already acceptable virtually anywhere now, LG has plans to level the playing field through "strategic collaboration with key partners." Simply put, the South Korean company won't be left behind in this department.
The exact details of LG Pay are still unclear, including the price and availability. But based on the information that surfaced so far, however, the upcoming mobile payment system has a pretty good chance to be on par with the likes of Apple Pay and Android Pay - that is, assuming that many retailers will accept it and that payment providers will support it.
It does seem that LG has thought everything out well. As a testament to that, the partners of the company have complete confidence in its plans.
"The LG Pay mobile payment service will provide a consumer-oriented and general-purpose payment experience from the existing mobile payment systems," Kim Duk-soo, CEO and president of KB Kookmin Card, which is one of LG's partners, said last year.