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LG Pay is terminating its services this year, just six years after it was launched in South Korea. LG Electronic’s online payment system will cease operations after falling father from its rivals in the market, such as Naver Pay, Samsung Pay, and Apple Pay, which was only introduced in the country in March.
Pulse News reported that some business insiders said this week that LG Electronics is set to end LG Pay services on June 30. But then again, the operation of payment services applications may still continue for a while.
LG Electronics launched LG Pay in 2017 at a time when the online payment market in South Korea was still growing. The service was eventually expanded to foreign markets and landed in the United States first in 2019.
However, LG Pay failed to grow further as it lost its momentum after LG Electronics decided to shut down its smartphone unit in 2021. After the LG-branded phones were taken off the market, the mobile payment and digital wallet service was also shut down in the U.S. in that same year.
Although the payment service has been terminated in America, LG Electronics did not stop exploring other ways on how to continue its mobile payment system. It later decided to shift to a platform-based system similar to Kakao Pay and Naver Pay.
For this, it has teamed up with several card companies and extended its operations to web-based payments, which allowed LG Pay users to pay for their purchases online without the need to use any LG mobile phone.
Unfortunately, despite LG Electronic’s efforts in pushing the growth of its LG Pay, the payment system was not able to expand its user base. Finally, while the company is ending the service next month, the electronics firm said it will still review the business to see if it will still keep LG Pay after July 2024.
