The long-rumored U.S. launch of LG Pay looks finally set to happen.
Processing Content
South Korea-based LG Electronics Inc. plans to debut its mobile payments platform in the U.S. during the first half of this year, coinciding with the launch of two new handsets — the G7 and V40.
LG Pay offers a near identical version of Samsung’s proprietary Magnetic Secure Transmission (MST) technology, which simulates a magnetic stripe signal as an alternative to wireless NFC payments. LG's version is called Wireless Magnetic Communication (WMC).
However, LG Pay is entering a fiercely competitive market that is already replete with “Pays” from handset manufacturers, banks and retailers. Whether it has any real scope for market penetration remains to be seen, particularly with Google making a renewed push into the digital wallet space with its rebranding of Google Wallet and Android Pay under the consolidated Google Pay name. LG Pay may well be relegated to the background of Android devices given Google’s name recognition and existing base of users of its platform.
An attendee uses his smartphone at the LG Electronics Inc. V10 smartphone launch event in Seoul, South Korea, on Thursday, Oct. 1, 2015. LG Electronics unveiled their new V10 smartphone today. Photographer: SeongJoon Cho/Bloomberg
Nick Holland is a well-known and respected thought leader in fintech. He has spent more than 13 years focusing on the intersection of mobile, retail... Read full bio
For reprint and licensing requests for this article, click here.
Stephen J. Scott, an investigator hired to audit the Federal Reserve's handling of Silicon Valley Bank before its collapse, says the probe is focused on "facts, not politics." But more than three years on, the biggest question surrounding the U.S.'s second most costly bank failure for many is who bears the blame.
The digital banking fintech expects to reach profitability this year as it recovers from a post-2021 valuation drop with three consecutive years of growth.
Early Warning Services' peer-to-peer payment platform Zelle is launching its own stablecoin, ZLUSD, which will allow it to open its network to remittances abroad. India will be the first country.
A letter released publicly from the Government Accountability Office on Monday underscored previously raised concerns about the Federal Deposit Insurance Corp.'s lack of "rotation" requirements for case managers on bank supervisory teams.
