LG has been among the biggest names when it comes to the world of smartphone technology. The company, which was primarily known for consumer electronics in the past is now known for their smartphones too. LG has hit a solid 20% market share in the US markets this year, and it continues to boom. The company recently launched their own mobile payment system - LG Pay. However, it was restricted to the LG G6. This mobile payment system would now be coming out for more smartphones as well.
Starting 2018, LG will begin rolling out LG Pay for their affordable smartphones as well. LG plans to compete with their primary competitor, Samsung. The company also faces a tough battle from various other mobile payment systems. Mobile payment services are rather new, and LG Pay is the latest addition to the service.
LG had launched the LG Pay service last month, limited only to South Korea for now, and functioning only with the LG G6. However, latest reports via the Korea Herald report that the company now plans to bring this mobile payment service to more smartphones as well, thereby empowering more users to make use of it.
LG faces competition not only from their primary rival Samsung, but also from various other similar services. Mobile payment services are quite the trend these days. Android Pay, Apple Pay, Samsung Pay are the top three names, but regional competitors are also rising. Xiaomi too has their own version of mobile payment service: Mi Pay. At a time like this, LG needs to buckle up and ensure that the LG Pay service can be used on as many smartphones as possible.
After this, LG would be looking at the next logical step - international expansion. Samsung as tapped into a number of markets while Android Pay and Apple Pay are still catching up. LG Pay needs to gain a large market share, and quickly too, to catch up with the other big names.