Korean-based technology giant LG Electronics is planning to come up with a new generation universal payment system, which can replace all credit and debit cards. (Photo : Facebook/ LG Electronics USA)
Korean-based technology giant LG Electronics is planning to come up with a new generation universal payment system, which can replace all credit and debit cards. According to reliable sources, the company is planning to unveil the new system at Mobile World Congress.
News has been taking round since last year that LG is planning to set up their own payment system. At first, people who heard the news think that the new payment system will be using smartphones and is similar to Samsung Pay, Apple Pay and Google Wallet; however, if leaked news published by Korea's Electronic Times is to be believed, LG's new payment service solution has nothing to do with a smartphone. It is a system called White Card which can replace all credit cards and debit cards.
The White Card, to be introduced by LG, has the same size of a credit or debit card, but with a small LCD display. There is one connector on the left side and two buttons on the right side. The display provides the details of which card is being used at that time. The two buttons on the right side will help the customer to lock the card and to switch between accounts. The connector is meant for charging the card.
Certainly, this is not an innovative idea as such cards are already being used in the U.S., which are being provided by Coin, Plastc etc.; however, the reports suggest that LG does not want to follow what existing universal card providers are offering, and would like to come out with something unique.
It is believed that the White Card will have more features and facilities that other providers' lack. LG enjoys support from many Korean payment providers, and hence, the White Card is likely to be introduced in its own soil before expanding outside Korea.
