There are already too many products out there with the word “Pay” in the name. But that won’t stop LG, which just announced its mobile payment offering called, you guessed it, G Pay.
LG made the rumor official Thursday with an announcement on its Facebook page. There could be some room for G Pay in South Korea, where LG has a heavy presence. But in the U.S. it will do battle with Android Pay, which is getting a major push from Google, while Samsung is also vying for attention with its own Samsung Pay. And, increasingly, credit card companies and banks are building mobile payments into their own apps.
At least Samsung’s solution differentiates itself by supporting Magnetic Secure Transmission (MST), which allows you to pay at any terminal with a swipe reader. It picked up the technology when it acquired LoopPay, and supports NFC as well. By all accounts, it appears G Pay will work with the standard NFC model.
The story behind the story: It seems everyone is jumping aboard the mobile payment ship. However, with big titans like Google, Samsung, and Apple already in the ring, you have to wonder what LG thinks it can do to make a dent in this market. Our week with Samsung Pay showed some promise for an outside contender, but still found it lacked overall when compared to the more ubiquitous Android Pay.