SEOUL, South Korea—Add another digital wallet to the mix of tap-and pay offerings U.S. consumers can choose from. LG has made its long-anticipated launch into the U.S. market for mobile wallets with the launch of LG Pay.
“But this event raises questions about what impact it will make in the U.S., which continues to trail key overseas countries in terms of market penetration,” said Mobile Payments Today in its analysis.
As CUToday.info has extensively reported, digital wallets in the U.S. have seen slow consumer adoption, and now even risk being leapfrogged by contactless plastic.
The LG Pay wallet, like other contactless payment systems, will work with widely used NFC readers as well as a wireless magnetic communications at magnetic stripe terminals, which are still widely used in the U.S., noted Mobile Payments Today.
“However, analysts see LG facing an uphill battle to grow share in the U.S., mobile wallet space,” Mobile Payments Today stated.