Following in the wake of Apple and Samsung, LG Electronics is rumoured to also be entering the global mobile payment market with G Pay.
Not only is it entering South Korean market, it is also planning to give shape to its plan to
enter the US market where many foreign mobile payment businesses are fiercely competing against each other.
According to IT industry and financial industry, LG Electronics just finished applying for trademark of ‘G Pay’ in the US at the end of September after it did so in South Korea. It is a similar movement as Samsung as it applied for trademark of Samsung Pay in the US in March before it was released.
Earlier LG Electronics applied for trademark (Number 4020130025494) of ‘G PAY’ at Korean Intellectual Property Office to enter into mobile payment market. Although it can use different brand after its official release hereafter, industries are accepting that an application of ‘Pay’ brand means that LG Electronics is declaring to enter into mobile payment market.
Until now whether or not LG Electronics is going to enter into mobile payment market was not known. However after Samsung Pay was released, LG Electronics had been contacting with other financial businesses under the table and feeling out the exact timing to enter into mobile payment market. Fact that it applied for trademark in the US indicates that LG Electronics will start its business in mobile payment market, which is worth hundreds of billion dollars, targeting the world.
It has been contacting South Korean financial businesses starting from early 2015 and it has been analyzing its competitors’ payment platforms while sharing information about mobile payment market with couple card businesses including BC Card at the same time.