LG moves into mobile payments market

LG moves into mobile payments market

Korean mobile handset manufacturer LG is to step into the crowded m-payments market, forming an alliance with Shinhan Card and KB Kookmin Card to launch LG Pay.

LG quietly revealed its plans on its Facebook page, posting a picture of Wi Sung-ho, CEO of Shinhan Card, Juno Cho, president and CEO of LG, and Kim Duk-soo, CEO of KB Kookmin Card at an official signing ceremony.

The company joins the ranks of Google, Apple and local rival Samsung in rolling out an own-brand mobile payments service.

The company will initially launch the product in Korea, following in the footsteps of Samsung, which reported $30 million in payment volume in the first month after its launch in September.

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