LG Electronics Delays Release of Mobile Wallet until 2017
LG Electronics has delayed the launch of its mobile wallet, LG Pay, until sometime in 2017. The wallet was scheduled to debut with the LG V20 phone, which is to be introduced in South Korea by the end of the month.
The main reason for the recent delay is because LG is having trouble integrating its all-in-one payment card, the LG Pay White Card, into the mobile wallet. This is a physical card similar to Coin, where information for all of a person’s debit and credit cards are contained in a single payment card. Coin is already integrated with Apple Pay, Samsung Pay and Android Pay, so LG Pay has no choice but to integrate its all-in-one card with its mobile wallet in order to keep up with the competition.
When paired with LG Pay, the White Card will allow for ATM cash withdrawals from a mobile wallet, which is currently not available through any other mobile wallet on the market.
Even though this puts LG even further behind its competition for mobile wallet adoption, LG Pay still has one feature that no other mobile wallets have. Earlier this year, the company announced it will offer device-wide support for its mobile wallet, meaning that every phone produced by LG will be capable of using LG Pay. Apple Pay, Samsung Pay and Android Pay only work on select devices, which limits their market penetration.