The competition for Samsung Pay has been reduced by one

The competition for Samsung Pay has been reduced by one

With one less competitor in the mobile payment business, Samsung can rest easy, especially in Korea. LG Pay is not accepted, although Apple Pay is. Following its launch in Korea six years ago, the latter service will be discontinued at the end of this month.

According to a recent article published by Pulse News, LG Electronics has decided to discontinue its Pay service in Korea as of June 30. According to rumors, this is because LG Pay has fallen too far behind competitors like Apple Pay, Naver Pay, and Samsung Pay.

The introduction of Apple Pay in Korea looks to have been the final straw. LG Pay may have lost even more market share after Apple introduced its Pay service in Korea in the middle of March.

LG’s mobile business has paved the way for LG Pay, but there is still cause for optimism.

LG’s Pay service debuted in 2017 in South Korea and in 2019 in the United States. In 2021, the firm discontinued its Pay service in the United States. In the same year, LG Electronics discontinued all of its smartphone operations because its products were not selling well enough to justify continued development. LG is not the only original equipment manufacturer (OEM) of Android smartphones to experience decline in recent years.

LG’s decision to shutter its mobile division benefited Samsung and Apple the most. They stand to gain from LG Pay’s downfall in South Korea, and they did so even before. However, LG’s payment system may yet make a comeback in the future, which is both interesting and promising.

Despite reports that LG will cease LG Pay next month, the company reportedly still plans to evaluate the service to determine if it has a future in 2024. LG Pay may return sometime in 2019, but by then, it’s possible that Samsung and Apple may have established an even stronger foothold in the Korean online payment market.