LG joins Apple, Google in creating its own mobile payment system

Just when you thought there couldn't be more tech companies tackling the notion of mobile payments, in walks LG.

The South Korean electronics conglomerate said Thursday it plans to launch LG Pay, a service that will presumably turn its smartphones into digital wallets.

LG is the latest company looking at mobile payments as the next big service. While the idea of paying for goods and services with smartphones has been around for years, Apple Pay helped ignite consumer interest in the

area late last year, and was followed by Google's Android Pay and the Samsung Pay systems.

Companies are eager to push mobile payments in the belief that the additional service will build consumer loyalty. Apple Pay users, for instance, could potentially be more likely to keep their iPhones if they can store their payment data and use the device to buy shampoo, beer and gum.

LG, which has seen its market share in the smartphone business fade despite successful high-end devices such as the G4, will partner with Korea's two largest credit card firms, Shinhan Card and Kookmin Card, to roll out LG Pay. But the company gave few details on the rollout, including whether it will reach beyond South Korea.

The company also didn't say whether LG Pay will allow you to physically pay for goods and services by waving your smartphone at a cash register, which is what you can do with Apple Pay, Samsung Pay and Android Pay, or whether the service simply enables someone to more easily make online purchases on an LG device.

LG couldn't immediately be reached for comment.