LG Electronics Delays Release of Mobile Wallet until 2017

LG Electronics Delays Release of Mobile Wallet until 2017

October 4, 2016         Written By Lynn Oldshue

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.



The information contained within this article was accurate as of October 4, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time