LG Pay jockeys for predominance over E-wallet market

LG Electronics signed a business tie-up with Shinhan Card and KB Kookmin Card on Thursday before unveiling its mobile payment system "LG Pay." The company is planning to consult with the two credit card providers on plans for mutual support to provide a new generation of mobile service. It has been reported that LG Electronics will launch a trial service for LG Pay and start providing official services in earnest in the first half of 2016.

“LG Pay will be characterized with generality, convenience, and security so that people can use it with ease anywhere regardless of the payment method of card readers,” an official from LG Electronics said.

Pundits of mobile payment industry are expecting that LG Pay will introduce the "White Card" payment system in which a number of credit cards are registered in a smartphone application and an additional plastic card containing the information of credit cards is actually swiped for the execution of payment.

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