Whatever your handset of choice, you probably have at least one mobile payment method available to you, be it Android Pay, Apple Pay or Samsung Pay, but another option known as LG Wallet could be on the way.
LG has applied to trademark the term LG Wallet in both the US and South Korea, describing it as “computer software, namely, electronic financial platform that accommodates multiple types of payment and debt transactions in an integrated mobile device.”
The name, plus that description, makes it clear that this is some kind of mobile payment solution, and the trademark application goes on to mention support for loyalty cards and coupons, so you’ll presumably be able to use it to store more than just debit and credit card details.
Phone or card?
So far so Android Pay, but LG Wallet might actually be quite different in practice, as while the trademark applications don’t detail the specifics of the system, we know that LG started working on some kind of payment service back in 2015.
Known as LG Pay, and at one point it was rumored to take the form of a physical card, which could store the information from all your other cards.
That might sound like a step back from simply using a phone or smartwatch to pay, but it was said to include an integrated circuit (IC) chip, which could make it both more secure and more future proofed than rival services.
And then all went quiet, until now. Whether LG Wallet is that, or whether it’s a more conventional mobile payment service, remains to be seen. But hopefully something will come of it.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”