The battle of the mobile payment gateways is about to become even more interesting. While you already have Android Pay, Apple Pay, and Samsung Pay duking it out in the market, the upcoming LG Pay will supposedly have what these other platforms don’t have: an actual card called White Card. It will also have an actual Integrated Circuit (IC) chip, which will allow it to be used anywhere that has a credit card terminal and even the terminals in the future.
LG Pay was rumored to start last January, but obviously, nothing like that has happened. Well, it was made official late last year, but the actual launch has been stalled for some reason. What differentiates it from the other payment platforms is that first of all, it will be supported by all LG models, not just the newer one. Another thing is that it has a White Card, the consumer-facing end for the platform, where all your credit and debit card information will be stored so you need only carry it and have one card to rule them all.
But the more important aspect of it is this: a Korean website has reported it will carry the IC chip, which is becoming widely adopted by most financial institutions, and therefore most major credit cards. What is basically does is protect all the information stored there from fraud and cloning since it uses on-the-spot encryption. The card may also still be used with terminals using the magnetic stripe tech. And soon, when these terminals will only work with IC chips, then LG Pay will also be useful.
Cash withdrawals, deposits, inquiries, transfers, and even wire transfers through ATMs will also be possible through LG Pay and its White Card. However, no exact date as to the launch has been announced, although it probably will roll out in LG’s native South Korea first before the rest of the regions will follow.
VIA: ET News
