As LG leaves the smartphone business, the company now announces the inevitable: it must shut down the payment service it launched for its own smartphones. The message is now visible on the LG Pay website.
Thank you for being a valued customer of LG Pay! We regret to inform you that LG Pay will be phasing out and discontinued over the remainder of 2021. More specific details will follow.
There’s no concrete date for LG Pay’s shutdown, but those using LG Pay can always switch to Google Pay on their LG handsets. The magnetic stripe feature that LG Phones supported on LG Pay would no longer be supported on Google Pay.
Although Samsung offered the same feature on its flagship smartphones for years, it no longer does so as of the Galaxy S21 series. NFC terminals are far more common now than they were back in 2015 when Samsung Pay first launched.
LG first launched its own payment service back in 2017 to rival Google and Samsung’s payment apps. In 2018, the service trickled down to newer mid-range devices and it was not until the summer of 2019 that the payment service would launch in the Unites States with support for magnetic stripe terminals.