LG G Pay: This Is How It’s Going To Work (Reportedly)

LG G Pay – How Will It Work?

According to the South Korean media, LG is currently working together with local card holders Shinhan Card and KB Kookmin Card in order to bring LG G Pay to the masses. Reportedly, LG G Pay will become available to the public in early 2016.

More importantly, the report revealed how LG G Pay might work, and surprisingly enough, LG seems to approach the market very differently than Apple and Samsung. Assuming that the data is accurate, LG G Pay will not rely too much on your smartphone, but instead it will be used in conjunction with a separate plastic card (credit card replacer) provided by LG Electronics. The card replacer will connect to your smartphone through a dedicated application, and we assume that users will be able to link multiple credit cards with the plastic replacer for convenience.

This sounds similar to how services like Plastic and Coin work, so it is a very different approach to the mobile payment market. On short: the good news is that a credit card substitute offers a lot of versatility and is less bound to your smartphone’s hardware capabilities. It would allow LG G Pay to become available to low and mid-range smartphone owners without much fuss, whereas, in contrast, Samsung needs to release new devices with updated hardware (fingerprint scanning technology) in order to expand its business into emerging markets.

The downside is that a credit card replacer is an extra item in your wallet after all, and through this method you won’t be able to simply pull out your phone and pay with it on the fly.

Remember that the information above doesn’t come through official channels, so it is subject to change. We’ll keep you posted if more details emerge.