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LG’s mobile chief confident of payment tool

PUBLISHED : July 05, 2017 - 10:45

UPDATED : July 05, 2017 - 10:45

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[THE INVESTOR] The head of LG Electronics’ mobile business said on July 5 that the company planned to release its mobile payment platform LG Pay overseas in the future.

The LG Pay, launched last month, allows users to make payments by touching their smartphones to regular credit card devices based on Wireless Magnetic Communication technology.

Samsung Electronics’ Samsung Pay provides the same feature through Magnetic Secure Transmission technology.

“Over the one-month period since the launch of LG Pay, we have been focusing efforts to increase the quality of services based on thorough studies on users,” said Cho Jun-ho, president of LG’s mobile communications division. “Not only do we plan to beef up convenience, we will also expand the scope of countries, payment methods, as well as devices (that support LG Pay).”

LG Electronics said 38.4 percent of the tool’s users were in their 30s as of end-June, while the number of those in their 50s and 60s was quickly increasing.

To increase the number of users, LG plans to update LG Pay to be used for online payments as well.

While LG Pay is currently available for the high-end G6 smartphone, the company added that the service will also be adopted by budget models starting next year. LG also hopes the overseas launch of LG Pay will improve the global competitiveness of its smartphones.

Cho added that the launch of the G6 smartphone was “another inflection point” for the company, saying the flagship device helped LG build trust from consumers on the back of its top-notch features.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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