Better late than never, LG.
Following the path of Apple, Google, and Samsung, the company announced that its preparing to launch LG Pay. The South Korean electronics company made the announcement via its LG Mobile Facebook account Thursday, although it didn't provide details on when the service would debut or even if it will be available outside of South Korea.
"It's official! We have partnered with Shinhan Card and KB Kookmin Card to prepare for the launch of LG Pay," the short and simple announcement read.
With the announcement, LG will essentially be turning its line of cell phones into digital wallets just as Apple has done with Apple Pay, Google has accomplished with Android Pay and Samsung with Samsung Pay.
The idea behind the announcement is simple—if users could purchase items using their LG cell phones, they might hang onto their mobile devices longer and that in itself could go long ways toward building brand loyalty.
According to CNet, LG could desperately use the boost. The website reports that the company has seen a slide in smartphone sales, despite the success of its G4. It additionally reports that Kookmin Card will be the other large Korean credit card firm working with Shinhan Card to help LG debut LG Pay.
It remains to be seen whether LG Pay will allow users to directly purchase items with a simple wave of their smartphone the way Apple Pay, Samsung Pay and Android Pay enables users to do with their respective smartphone devices.
