LG Launching Universal Payment Card
According to multiple media sources, LG Electronics plans to launch an all-in-one payment card capable of linking a user’s debit and credit cards.
Korea’s Electronic Times obtained a photograph of the unreleased card, which is rumored to be named the LG Pay White Card. The card works in the same way as Coin and Plastic, and will compete with mobile payment solutions such as Apple Pay, Android Pay and Samsung Pay.
The LG White Card will be shaped like a normal credit card but will have a small LCD screen from which users can select the payment card that offers them the best rewards for that particular transaction. It can also contain loyalty cards that can be selected during transactions.
In addition to the LCD screen, the card will have two buttons that will allow the user to switch between cards and a charging connector to keep the battery powered.
LG will likely unveil its White Card during the Mobile World Conference this month in Barcelona. It will be a small launch, with only 50,000 made during the first production. There has been no announcement on the price.
Universal payment cards, such as Coin and Plastic, have not had much success entering mainstream use. To succeed, a universal payment card needs to have payment providers that agree to link their cards to the device. LG may have already solved this issue in the South Korea market.
This is not the only financial innovation LG has recently introduced. In October, LG applied for trademarks for the names “LG G Pay” and “G Pay,” suggesting the company could be working on a digital wallet in the near future.