Citing the company itself, the publication says the company plans to launch the platform in the second half of the 2018.
Samsung Pay provides the same feature through the Magnetic Secure Transmission technology. This is because the number of people using credit cards as well as NFC-enabled smartphones is less in India, thereby making Tez a more accessible and useful option as compared to Android Pay. It eventually dropped that and adopted what it calls Wireless Magnetic Communication, though the source of the technology is still unknown.
Last June, LG launched its mobile payment system in South Korea. LG isn't exactly a major brand name in smartphones in the USA, and so that may ultimately limit its ability to compete.
Korea smartphone manufacturer LG has recently launched a SMartphone based payment system of their own, named LG Pay, similar to Google's Android Pay, Samsung Pay and Apple Pay. Google's Tez is different from Paytm in that you can't store money in the app.
Also like Samsung, LG is planning to expand LG Pay's, or LG Wallet's, compatibility to its mid-range devices like the K series phones. Today's report states that LG Pay will be available in the US sometime during the first half of this year, around the same time that its next flagship model is released. When it launches in the U.S., it will only be available with the LG G7 and the V40 premium smartphones.
Samsung released its mobile payment system in 2015 and is now available in 21 countries.
We've reached out to LG to ask about today's report. Not only does it have to compete with Samsung in South Korea, but its market penetration in the United States is meager compared to Samsung and Google.
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