LG unveils its new 'G Pay' mobile payment platform

The service could do well in Korea where LG has large market share, but it will be an uphill battle against Apple, Google and Samsung in the U.S.

There are  many other products with the word “Pay” in the name. But that won’t stop LG, which just announced its mobile payment offering called G Pay. 

Add it to the list of formidable foes: Android Pay, Samsung Pay, and of course Apple Pay.

LG made the rumor official Thursday with an announcement on its Facebook page. There could be some room for G Pay in South Korea, where LG has a heavy presence. But in the U.S. it will do battle with Android Pay, which is getting a major push from Google, while Samsung is also trying for attention with its own Samsung Pay. And, increasingly, credit card companies and banks are building mobile payments into their own apps.

At least Samsung’s solution differentiates itself by supporting Magnetic Secure Transmission (MST), which allows you to pay at any terminal with a swipe reader. It picked up the technology when it acquired LoopPay, and supports NFC as well. By all accounts, it appears G Pay will work with the standard NFC model.

The true story: It seems everyone is jumping to the mobile payment System. However, with big giants like Google, Samsung, and Apple already in the ring.

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