LG will shutdown its payment service this year

LG has declared that it would discontinue its payment service for its devices as it departs the smartphone market.

There is no set timeline for the discontinuation of LG Pay, however LG Pay customers may always switch to Google Pay on their LG phones. The magnetic stripe technology on LG phones, which is supported by LG Pay, will no longer be supported by Google Pay.

Samsung used to provide the same capability on its flagship smartphones, but as of the Galaxy S21 series, it no longer does. NFC terminals are far more common now than they were when Samsung Pay was first released in 2015.

LG launched its payment service in 2017 in order to compete with Google and Samsung’s respective payment applications. The service was first made available to newer mid-range smartphones in 2018, however it wasn’t until the summer of 2019 that the payment service supporting magnetic stripe terminals was made available in the United States.

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