LG has delayed plans to launch its own payments system, after experiencing difficulties during testing. According to reports coming out of South Korea, LG Pay will now not go into use before 2017.
Talk about LG Pay goes back some time, with the project initially expected to launch at the end of last year, only to suffer multiple delays.
At one time it appeared as if LG Pay would debut at Mobile World Congress this year, but the payments solution was a no-show at the trade show. At the time, LG blamed marketing considerations for the delay.
“LG Electronics has delayed the official launch of LG Pay to the second quarter of this year  to help the new LG flagship smartphone – G5 – receive more media attention,” an official from LG told the Korea Times back in February.
LG rivals Samsung, Google and Apple already have their own payment solutions operating in a number of countries.
Although the multiple delays could make it very difficult for LG to establish a healthy market share, there are significant technical differences between its system and those of competitors.
While Android Pay, Samsung Pay and Apple Pay are all smartphone-based, LG’s system centres around the so-called LG Pay White Card.
The LG Pay White card is a physical card, complete with a chip and magnetic strip, that is able to store the information from a number of credit and debit cards. LG hopes that this approach will be more attractive to those who are not tech enthusiasts.
In theory – from a technical perspective – LG Pay should be less complex to roll out than rival systems. This is because it relies on the chip and magnetic strip technology that is already in use on existing credit and debit cards.
Somewhat ironically, though, LG has had difficulties getting their system to work reliably during the testing phase, according [ko] to South Korean media outlet NewsOne.
LG has already fallen behind Samsung, Google and Apple when it comes to developing a payments system. The company will be hoping that when LG Pay finally launches it proves popular enough with consumers and retailers to grow rapidly.