It appears device-maker LG may make a foray into the mobile pay market.
According to documents filed with the U.S. Patent and Trademark Office, the company is seeking to patent a product called GPay. The concept is listed for use with “electronic handheld units (and smartwatches) for the wireless receipt, storage and/or transmission of data.”
The trademark moniker strongly suggests that the product may be the next in a line of mobile payment options available to consumers. The latest payment system, Samsung Pay, was launched in the U.S. by Samsung last month to compete with Google’s Android Pay and Apple’s Apple Pay. Unlike the competitors, Samsung Pay utilizes the contactless magnetic stripe technology Samsung acquired when it purchased LoopPay in February, allowing it to be used at most locations that accept traditional credit cards. The service also works with barcode and NFC technology, which are used by Android Pay and Apple Pay as well.
Mobile payment adoption has been fairly slow thus far, thanks in part to initial difficulties with the availability of compatible terminals for transactions and consumer satisfaction with traditional methods of payment.
Filed Under: Apps
