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In brief: LG's mobile payments service is following the company's smartphone business out the door. Less than two months after announcing it would be exiting the phone business, LG has confirmed it will be winding down its mobile payments and digital wallet service over the coming months.
In a consumer FAQ on the matter, LG said that beginning June 1, US users will no longer be able to purchase or add gift cards to LG Pay. Come August 1, LG will stop accepting new users and existing users won't be able to add new cards to the platform. Ultimately, the LG Pay service for US users will be discontinued on November 1, 2021.
The company recommends that customers spend any remaining money on their LG Pay Perks Card before the termination date. What's more, anyone with a gift card in their LG Pay wallet should save the card number and PIN for use outside of LG Pay.
LG was one of several tech companies that hopped on the mobile payments bandwagon, but they were late to the game. Apple and Samsung rolled out their payments and wallet services in 2014 and 2015, respectively, with Google Pay (formerly Android Pay) following in September of 2015. LG Pay didn't debut in South Korea until mid-2017, and it'd be another two years before the service reached the US.
News of LG closing its mobile payments service is hardly surprising considering the company's decision to exit the smartphone game back in April.
Image credit Grzegorz Czapski