LG first launched its mobile payments platform in June 2017, but only in South Korea. Since then, the company accidentally published a broken payments app with muddled branding in early 2018, and later confirmed LG Pay would arrive in the US at some point that year. But the most recent step toward mobile payments from the company is something a bit different: LG Pay Quick. LG has recently applied to trademark the name in Europe, the US, and South Korea.
While it's not entirely clear what LG Pay Quick is and how it compares to LG's full-bodied payments application, the service would have some significant catching up to do. Apple Pay has been active in the US for roughly four years, while Samsung Pay and Google Pay (formerly Android Pay) have been around for about three. One key point of differentiation for LG Pay is that it uses not only NFC but wireless magnetic communication (WMC), allowing it to offer contactless payments at older magnetic stripe terminals. This type of support is a popular feature of Samsung Pay, but it's not available with Apple Pay and Google Pay.
There is some clue as to why the name doesn't end in "Pay" like most mobile payments platforms — the Korean Intellectual Property Office (KIPO) nixed LG's application for the trademark Quick Pay in 2015.
Results of a KIPO search for LG Pay Quick.
As for when it might arrive — there's nothing concrete to go on yet. LG applied for the trademark in a broad swath of regions, many of which probably aren't getting LG Pay Quick anytime soon. The US is a major market, though, and the activity that we've seen over the past year or so does indicate that it should arrive sooner rather than later.
- Let's Go Digital