Latest reports suggest that LG Pay, the mobile payment system from LG Electronics, will possibly come with a feature All-in-One Card, becoming the first mobile payment in the world with IC Chip. LG Pay, also dubbed as White Card, will be the sole mobile payment with IC out of 20 platforms that are currently released.
Earlier reports speculated that the LG Pay would be unveiled at the Mobile World Congress 2016, but it did not happen. This gave the impression that LG had virtually killed its purported mobile payment system in the wake of the immense popularity of Android Pay. However, latest reports suggest that LG Pay may be launched in September, Tech Radar reported.
LG's White Card will be a physical credit card-style card, instead of a feature incorporated into a smartphone. It is expected to be a universal card, which will store the entire information from other cards of the user and will come with a screen and buttons to allow the user to choose between them.
Many credit cards have already begun using the IC chips, which use instant encryption systems to protect the card data better from theft or cloning. Nevertheless, apparently, LG Pay is also working with the magnetic stripe technology, which is now being used by most payment terminals, ET News said.
In fact, LG Electronics will pose a stiff challenge to Samsung Pay that is based on MS as well as Apple Pay that is based on NFC with 'IC transaction linkage,' making it extremely multitalented.
On May 19, LG Electronics has signed a MOU with KB Bank regarding cooperation in White Card business, especially the IC Card with a view to implement first payment platform in the world with IC Chip through KB Bank.
The White Card will have the ability to expand strong infrastructures as it will be linked with IC Card conversion business run by the South Korean government. Successively, the IC Card can be also introduced to MS-based stores that are already engaged with Samsung Pay.
The collaboration with KB Bank means that LG Pay will be connected to existing financial products and also develop a range of financial services. It will enable the users to make cash withdrawals and deposits through bank ATMs. Aside from withdrawals and deposits from bank accounts, LG Pay will help users make inquiry, transfer and wire transfer possible through cash dispensers.
In addition, the LG Card will also make purchase of goods possible at stores that already support cash cards. LG Pay will take up all of infrastructures of instant-paying cards that are currently competing against check cards.
Watch "LG Pay: Release date and supported device" below:
