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LG files For A Patent That Marks Its Entry Into Mobile Payment Service

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It appears every tech corporation wants to provide payment service of their own. The latest intended to roll out mobile payment option is South Korean electronics conglomerate LG electronics. The company has filed for patent in the United States and South Korea for a service called G Pay. The name has been trademarked by LG in smartwatches and mobile devices.

As of now Samsung’s payment serve the Samsung Pay is touted to be the finest due to its technology and NFC mode of payment.

The race kicked off last October when Apple introduced its own payment feature, the Apple Pay. Its bottleneck rival, Samsung wasn’t going to be left behind and followed with its own service.

The mobile payment method has been growing in as a preferential mode of payment, though it still has a long way to go if it wants to replace credit card payments.

LG is yet to officially announce the launch date of the product. Its patenting has given rise to the speculation that G Pay might be available by the end of this year. It was rumoured that LG was working on a mobile payment service, which the company neither denied nor confirmed. The payment application filed by the company are the only tell-tale sign of LG launching a counter to Samsung and Apple’s much popular services. The mobile payment options have been favoured not only from customers but also from retailers.

This move is likely going to benefit LG’s brand value and market position, which hasn’t really been in green, largely due to to falling smartphone sales. Since the mobile payment sector is in its nascent stage, tech giants can tap into future’s preferred payment option given the astounding rise of smartphones.

As of now Apple and Samsung are going head to head to be the market leaders of the sector. Apple seems gained a upper hand with its announcement today that it has added over 12 percolating banks under Apple Pay.


 

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