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It’s been awhile since we first heard details surrounding LG Pay and the South Korean manufacturer’s plans to jump start their mobile payments business with an electronic-based physical card. Most the information we’ve received came to us from Korean news outlet ETNews and today they’re back with new details on the “White card” and some of its features.
Apparently, the LG Pay “White Card” will have not only use a magnetic strip — ensuring the card works on legacy payment terminals — but it will be the world’s first “mobile payment” with the IC (Integrated Circuit) Chip. This is what you find on most modern credit cards these days, ensuring full compatibility with future terminals as well.
LG has been busy making deals with major banks and believes that the White Card is future proof given the IC Chip functionality. So far, it’s being said that LG will launch the White Card in September, but we wont be surprised if that date slips to a later time (it’s been rumored for quite awhile now and the date always slips).
I’m still not sure if this counts as “mobile payments” since you’re not technically using your mobile device to make purchases, but given the White Card will likely connect to your smartphone via Bluetooth, I guess that counts. Also, don’t be surprised if this ends up being yet another device in LG’s “Friends” lineup they introduced with the LG G5.
[ETNews]
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