- LG Electronics (OTC:LGEAF) launches its mobile wallet solution LG Pay in South Korea. Users with an LG G6 smartphone can install LG Pay through a smartphone update with other device support to follow.
- LG Pay currently only works with credit cards from four brands: Lotte, Shinhan, BC, and KB. More cards to come with a goal of including all card companies in Korea by September.
- Apple Pay (NASDAQ:AAPL) and Samsung (KS:005930) (OTC:SSNNF, OTC:SSNLF) Pay are two of the market leaders in mobile payments. Apple charges fees on payments made through its wallet, Samsung doesn’t, and LG hasn’t said whether it intends to take a Pay cut.
- Mobile wallet use, in general, has stayed relatively low, according to research firm Pymnts. Samsung’s Pay has the highest rate of 4.5% with Apple falling slightly behind at 4%. LG might decide to limit its Pay markets to avoid competing with the existing, struggling mobile wallet competition.
- Now read: Apple Investors Should Take Cover
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