South Korea – The competition in the segment of new alternative payment methods is growing up since new companies are presenting their projects.

The last to join the race is LG, the Korean software and hardware developer of masterpieces such as the LG G4. On Thursday the company presented the LG White Card, according to ETNEWS Korea, in the hopes of captivating a market of people who don’t want to affiliate their smartphones to their cards. The LG White Card looks like a normal credit card and it can also be used to withdraw money from ATM machines.

The surface of the rumoured LG white card. Photo: The Verge
The surface of the rumoured LG white card. Photo: The Verge

The new LG card has a liquid crystal display that can indicate which of the added credit card can be selected by customers. When the power button is pressed, the screen says “Start”, and a client can decide which of its credit cards can function best according to each occasion. It is known that some stores offer different benefits depending of the credit card that a customer choose to use.

The card is autonomous and it does not work with an smartphone, as a result it has to be charged with a White Card Charger. According to IT Finance, LG appears to have great expectations for the launch, since it has pre-ordered the construction of 50,000 White Cards.

LG’s bet is curious since currently companies such as Apple, Google and Samsung have developed complicated mobile payment systems that can work with security features such as fingerprint verification. It would be interesting to see how LG is going to advertise a card that does not need an smartphone in order to function.

According to Korean media, Shinhan Card, KB Card and Lotte Card, have already teamed up with LG Pay, and it is expected that others such as Hyundai Card and BC Card would follow the same trend.

“Unlike Samsung Pay, card companies can manage everything on LG Pay since transactions do not go through LG Electronics’ server and it is a platform that has many advantages for finance companies. By next month, most of all card companies will join LG Pay,” said a representative for one of LG Pay’s partner.

It is expected that the Korean company will finally unveil all details related to the White Card and LG Pay at Mobile World Congress 2016, that is going to take place on February 22 in Barcelona Spain.

Source: ETNEWS Korea