LG Electronics Developing LG Pay, Its Own Mobile Payment System

According to South Korean wire service Yonhap, South Korea-based tech giant LG Electronics Inc. announced today that it has signed the agreement with South Korea's largest and second-largest credit card firms Shinhan Card Co Ltd. and KB Kookmin Card Co Ltd. for the launch of its own payment tool, dubbed LG Pay.

The Korea Times reported on Wednesday that the company plans to launch its own mobile payment service as early as next month.

Although no official word has been received regarding the exact launch date of the service, the company said it will conduct various tests of the new payment system with the credit card companies, Yonhap reported without mentioning the official source.

The tech company also remained muted on the technologies behind the LG Pay service but added it aims to boast wider accessibility, meaning that it could be available to wider range of LG smartphones, unlike Samsung Pay which is available only in the recent Samsung smartphone models.