Why LG Postpones the Launch of Its LG Pay System to 2017

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by Tatsiana Yablonskaya · 3 min read
Why LG Postpones the Launch of Its LG Pay System to 2017
LG V20 is one of the first smartphones to ship with fast and fluid Android 7.0 Nougat, plus the first to feature 32-bit Hi-Fi Quad DAC capabilities, delivering a crisp and clear sound that reduces ambient noise levels. Photo: LG/Flickr

Reportedly, LG has encountered certain problems while testing its mobile payment service LG Pay and had to cancel the scheduled launch.

The South Korean electronics brand LG has decided to postpone the launch of its LG Pay mobile payments service for 2017. The company explains the decision with the problems it encountered during testing.

It was reported earlier that LG planned to announce LG Pay together with its second major smartphone, the LG V20, that is to go on sale in South Korea on September 29.

The first information about LG Pay appeared in March last year when LG announced its plans to deliver a competitor to Samsung Pay and Apple Pay. The company kept the details of new mobile payment service in secret. Although the launch was scheduled for this year, LG had to cancel its plans.

LG Pay is expected to be paired with a universal payment “White Card”, a physical card with credit and debit card information contained on it. White Card connects to smartphones via NFC and supports IC and mag-stripe payments.

IBTimes reports that LG encountered certain problems while testing its mobile payment system. Besides, it is still waiting for the regulatory approval for the service and the White Card physical cards are not so far available in the company’s home country.

LG hasn’t officially commented on the reported postponement of LG Pay yet. Hopefully, it will manage to release its mobile payment service next year.

The cancellation of plans of delivering an advanced payment system this year didn’t affect the launch of Galaxy Note 7 and iPhone 7 Plus competitor two weeks ago in the form of the LG V20. The company’s newest flagship debuted with Android 7.0 Nougat and a high-tech dual-camera setup, as per AndroidPit.

The V20 can boast of a small secondary display for notifications and shortcuts atop its 5.7-inch HD IPS Quantum primary display as well as a Snapdragon 820 processor, an advanced audio system, 4GB of RAM and 64GB of onboard memory.

While LG is postponing the announcement of its LG Pay, the rival Samsung Pay celebrates its first anniversary. It was a difficult, still successful year. According to the company’s statistics, Samsung Pay now supports over 80% of the US debit and credit card market via its partnership with over 500 banks. Taking into consideration how competitive the mobile payment market is, the result of Samsung Pay can be called a success.

Samsung has prepared a nice surprise to celebrate its first US birthday. The company will be giving away a few goodies to randomly chosen users, including $100,000 worth of prizes and, for lucky 365 users, a Gear S2.

FinTech News, News
Tatsiana Yablonskaya

Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.

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