LG is following Apple and Samsung's path to get into the payments ecosystem for customers. Although they have taken a different approach in developing a smart payment card called "White card".
A report from ETNews revealed details about the card. The card will look and function like any ATM or credit card. This is meant to help elderly users who might not be comfortable with a smartphone payment system.
White card will be a battery powered card with a liquid crystal display. It will have 'Start' and 'Lock' functionality like a smartphone. You can see the card you have currently selected for payment and swap between them instantly. It will have a proprietary charging dock supplied by LG.
The company is currently working with Korean banks for partnerships. And the ETReport suggests that they have ordered 50,000 units from manufacturing plants. LG is planning to launch the payment system at the Mobile World Congress in Barcelona along with their latest smartphone offering, the LG G5.
LG Pay will face competition from Apple Pay, which launched in 2014 in the US and has now expanded to the UK and Canada as well. Recently there were reports saying Apple Pay will soon work with ATMs as well. Another competitor is Samsung Pay, which acquired a payment company LoopPay and rolled out the payment system in 2015.
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