According to South Korean media Pulse News reported that Korean consumers increasingly prefer payment services such as Samsung Pay, Apple Pay, and Naver Pay, LG Electronics plans to end the LG Pay service in South Korea on June 30 this year.
Source: LG
LG launched its LG Pay service in the South Korean market six years ago, in 2017, and then expanded to the U.S. and many other markets in 2019.
LG shut down its cell phone business in 2021, and as a result, the LG Pay service quickly cooled down, ending its operations in the U.S. market the same year.
LG didn’t give up on LG Pay, as the company decided to move to a platform-based system similar to Kakao Pay and Naver Pay, partnered with several card companies, and expanded its business to include web-based payments. Unfortunately, however, LG Pay was never very popular and did not have a sufficient user base.
