LG Pay launches in Korea; is UK next?

LG Pay, its own mobile payment platform has just launched in South Korea. This will make it the third phone-maker after Apple and Samsung to launch a payment system of its own.

As per reports, LG has completed agreements with two large credit card companies, namely Shinhan Card and KB Kookmin Card, to set the ball rolling. LG's premium phones like the G4, G3 and the G Flex 2 are all NFC-capable and if LG supports magnetic secure transmission technology as well, a lot of its users will be able to use the new platform in the coming days.

Samsung Pay is on its way to your e-wallet 

However, it is not clear yet if LG will launch its payment platform in the UK in the near future. Its rival Samsung Pay will launch in the UK soon and will be based on MasterCard's MDES technology which has resulted in tokenization of credit, debit, co-brand, prepaid and small business cards for use in e-wallet services.

Android Pay gets major boost with Visa partnership

Given that both platforms are compatible with devices of their parent companies, there won't be much competition in the coming days. However, their respective performance will be a big factor for phone buyers in the distant future while choosing their next phones.

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