Samsung Pay to expand; LG G Pay to launch next month

After Apple Pay made headlines by launching in Australia and Canada recently, it’s now Samsung Pay’s turn to invade different markets and eat into Apple’s market share. Samsung Pay is all set to arrive in the UK, China and Spain by the first half of 2016, while an imminent LG G Pay app will debut in December.

Released in August, Samsung Pay earned a massive US$30 million in just its first month. With the app’s huge success, Samsung’s now set to invade foreign lands to expand Samsung Pay’s reach.

But LG Electronics' plans to make life tougher for Samsung by launching its own LG G Pay next month. The mobile payment service will compete against Samsung Pay, Apple Pay and Android Pay. An anonymous LG official hinted at a new deal between the company and credit card companies in South Korea that’s likely to be a big bonus for the virgin app.

Reports from South Korea said LG will make a deal with two of the nation’s most popular credit card companies, Shinhan Card and KB Kookmin, that’s expected to trigger LG G Pay sales. LG confirmed the news, saying that since the deal’s been made, an official announcement will come out soon.

Rumours floating over the past few months said LG planned to launch a new mobile payment system expected to make its first appearance in the U.S. and South Korea. Now, it appears the company will be following the path of Samsung Pay, said Phone Arena.

Android Pay and Apple Pay employ NFC-based technologies while Samsung Pay prefers its magnetic secure transmission (MST) technology. But LG G Pay hasn’t yet determined its technology. LG, however, is likely to use a highly flexible technology for its payment platform, said Tech Times.

After observing current trends in the mobile payment market, HMC Investment and Securities analyst Noh Geug-Chan points out the competition between the companies is only going to grow more intense in near future.

Contact the writer at feedback@ibtimes.com.au or tell us what you think below.