Last November we came across an interesting report suggesting that LG’s mobile payment system will be quite different from Samsung and Apple’s alternatives, in that the so-called “LG Pay” service will actually rely on a plastic credit card replacer rather than a smartphone to process payments.
As it turns out, the original report was spot on, and today we have the opportunity of taking a glance at the LG Pay White Card for the first time. A handful of pictures showcasing the gadget recently emerged through media outlets in Korea, and by the looks of it, the product features a low-power LCD display, a couple of buttons whose functions will be explained below, and a handful of metal connectors.
Join us after the break for the full story.
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LG Pay White Card Emerges in Leaked Pictures
While Samsung’s mobile payment system requires a smartphone compatible with Samsung Pay, LG took a different route and designed LG Pay as a more accessible mobile payment service, similar to Plastic and Coin.
That being said, LG’s service will rely on the White Card, which is a credit card replacer that can be linked with multiple credit cards. The leaked diagram below reveals three key elements that make it all happen.
The White Card features a low-power LCD display (Nr.1) which lets the user know which credit card is active. At the bottom-right corner (Nr.2) there are two buttons which can be used to switch between credit cards, and on the left-hand side (Nr.3) you’ll see several metal pins which will apparently be required when recharging the White Card.
The LG Pay White Card offers users the convenience of quickly switching between cards when paying at retail stores, and reportedly, it can also be used to withdraw cash from an ATM (we assume some of the aforementioned metal pins also act as a credit card chip).
An unnamed representative of an LG Pay partner cited by ETNews reveals that card companies “can manage everything on LG Pay” because transactions won’t go through LG’s servers, and thus, compared to Samsung Pay, LG Pay offers several advantages for finance companies, many of which seem to be eager to adopt the service early on.
Sources say that, as yet, LG ordered the manufacture of roughly 50,000 White Cards and is currently discussing with various card businesses in South Korea for mass producing the gadget. In addition, LG will reportedly introduce the LG Pay White Card at MWC 2016 in Barcelona (February 22-25).