Mobile wallets are at a toddler stage but competition has already begun to heat up with contenders like LG Pay, Apple Pay and Samsung Pay. (Photo : Reuters)
Mobile wallets are at a toddler stage but competition has already begun to heat up with contenders like LG Pay, Apple Pay and Samsung Pay, struggling for a larger piece of online payment methods and its future.
Apple Pay was one of the first services to be launched in 2014. It allows users of iPhone 6, iPhone 6 Plus and Apple Watch-compatible devices to make payments. Payments can be made in iOS apps and at contactless point of sale.
According to Samsung's official website, Samsung Pay works on Galaxy S6, S6 edge, S6 edge+, S6 active and Galaxy Note. In Samsung Pay, payment can be made through specified Samsung handsets at supported credit card machines.
Tech Times reported that LG is all set to join mobile wallet market in partnership with South Korea based credit card companies. LG pay is to be initially released in South Korea. If rumors are to be believed, LG shall come out with a special card that can connect to any LG device and work with all credit, debit, gift and loyalty cards.
Though competition is fresh, territories are already marked. Websites report that Apple Pay is presently accepted at 700,000 locations including famous retailers. Samsung Pay has claimed that it has a larger share of the market since it is in cohorts with many credit card companies and is presently active in 30 million supported locations. LG Pay is working towards a system that makes it universally compatible with all key payment channels.
Many new developments are yet to surface for a transition from physical wallet world to mobile wallet technology. The race has only just begun.
