Reportedly, LG has encountered certain problems while testing its mobile payment service LG Pay and had to cancel the scheduled launch.
Mi Pay is launched in collaboration with China UnionPay.
Google is reportedly developing an update to its Apple Pay application that will show users where the NFC antenna on their mobile phones is located.
Making attempts to expand payments globally, Apple Pay has run into technical challenges, low consumer take-up and resistance from banks.
With millions of users all over the world, the mobile payments technology is expected to significantly change and improve the way we pay for products and services.
Google is extending boundaries for its Android Pay that will be soon supported by the largest banks in the UK.
South Korean electronics company has taken further steps to promote its payments app, including a deal with one of the US biggest banks and a special offering for new customers.
The search engine company has piloted a new voice-activated app that is expected to make purchases more convenient and quick.
However, the number of retailers and consumers using mobile wallets as a convenient payment option remains relatively small.
PayPal has released its Here Chip Card Reader in the US, which accept traditional magnetic swipes, chip cards and contactless payments, like Apple Pay and Android Pay.