LG goes after Apple Pay with its own mobile payment system

Korean tech giant LG has announced it will soon be launching its own mobile payment service. The service, which will be a direct competitor to Apple Pay, Samsung Pay, Android Pay and other mobile payment systems, will be available in South Korea and the US, for starters.

According to a report by the IB Times, LG has registered the trademark LG Pay in South Korea and the States, so it's very likely that will be the service's name.

"We will sign a deal with some of the country's major card companies before officially launching our mobile payment platform," said an LG official to the Korean Times. South Korea's two biggest credit card companies that expected to sign a deal with LG are Shinhan Card and KB Kookmin Card.

LG first announced its plans for a mobile payment system back when it released its latest flagship smartphone, the LG V10. The V10 is a fairly large smartphone, sporting a 5.7-inch screen, and a fingerprint sensor embedded on the backside of the device.

The backside itself is made of durable materials, making the phone more resilient to punishment than what you're usually used to. It also features a secondary screen, placed right above the main one, which serves as a sort of a ticker where you can add specific shortcuts and various buttons.

The LG Pay system will have a tough competition to face in both Apple Pay and Samsung Pay, services which have gotten some traction lately, especially with the aggressive marketing campaigns both companies employ.