LG Pay Headed to United States

LG Pay Headed to United States

January 17, 2018         Written By Lynn Oldshue

LG Electronics said it plans to launch LG Pay in the United States during the first half of 2018, according to Yonhap News Agency.

The mobile payment system, which will be released as LG Wallet in America, will work like Apple Pay or any other similar service. To pay for a goods, you will tap your phone at eligible payment terminals and follow the instructions on your mobile device to complete the transaction. With Apple Pay, you just need to tap your phone and use your fingerprint or FaceID to approve the payment.

Mobile payments are more secure than traditional credit card payments, but will LG owners use LG Wallet? Inititally at least, adoption will likely be low.

First, there are relatively few LG owners in the United States compared to the more popular iPhone, and few iPhone users have adopted mobile payments. In 2017, there were 32 million LG smartphone owners in America compared to over 90 million iPhone owners. According to PYMNTS.com, only about 25% of Apple users have tried mobile payments. For those who have not tried Apple Pay, 37% said they were satisfied with their current payment method, and 31% said they were not sure how it worked.

With this low Apple Pay adoption rate, it does not appear LG Wallet will see massive market penetration immediately.  Until mobile payments become accepted everywhere in the United States, it seems as if most people will continue to use their familiar credit cards. In addition, it is unlikely retailers will pay to update their point-of-sale systems if consumers are not clamoring for the option.

The information contained within this article was accurate as of January 17, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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 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
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back