Following the footsteps of Samsung, LG also wants to extend its payments solution to more devices. The mobile business head of LG Electronics reportedly announced that the company is planning to release its LG Pay mobile payment feature to more smartphones, including the low-end versions. Also Read - Samsung Galaxy Chromebook Go powered by Intel Jasper Lake Celeron processor revealedAlso Read - Samsung Odyssey G3, Odyssey G5, Odyssey G7 gaming monitors launched: Details here
Similar to Samsung Pay, Samsung Pay Mini, and Apple Pay, the LG Pay is a mobile payment service exclusive to LG devices and uses Wireless Magnetic Communication technology to aid payments. “Over the one-month period since the launch of LG Pay, we have been focusing efforts to increase the quality of services based on thorough studies on users,” Cho Jun-ho, president of LG s mobile communications division is quoted as saying in The Investor report. Not only do we plan to beef up convenience, we will also expand the scope of countries, payment methods, as well as devices (that support LG Pay), he further added. Also Read - Flipkart Mobiles Bonanza sale top deals: iPhone SE, Poco X3 Pro and more on discount
The announcement comes a month after Samsung introduced Samsung Pay Mini in India. The service is a toned-down version of the Samsung Pay. The Samsung Pay Mini is available with the Galaxy J series budget smartphones. If one compares the Samsung Pay and LG Pay service then the former uses Magnetic Secure Transmission technology to mimic magnetic strips that are used in standard debit and credit cards and allow contactless payments. ALSO READ: How to use Samsung Pay in India: Our complete guide on how to setup and transact
The Samsung Pay Mini, on the other hand, only allows UPI and Paytm integration and does not support tap-to-pay feature which is possible on NFC-enabled phones. Meanwhile, LG Pay requires users’ fingerprint authentication for every transaction, making it a more controlled process. Given that LG is planning to bring its LG Pay service to low-end smartphones, we might see reduced capabilities as the Samsung Pay Mini.
Although the LG Pay feature is currently limited to the LG G6 smartphone, its availability on low-end smartphones will help the company expand its reach in markets such as India where cashless payments are taking pace. Post demonetization, there has been a significant rise in the use of alternative methods of payments including Paytm and MobiKwik. This not only prompted the government to release apps such as BHIM and UPI but also compelled companies such as Samsung to bring its payments service sooner to the region. RELATED: Samsung Pay Mini vs Samsung Pay: What is the difference?