LG recently pulled out of the smartphone business, the Korean has now announced that the shutting down of the payment service. Since the phone business is gone, the payment service launched for its own smartphones must go. 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.
Though, the date for LG Pay’s shutdown is still unknown, those using LG Pay can always switch to Google Pay on their LG handsets. However, the magnetic stripe feature that LG Phones supported on LG Pay would no longer be supported on Google Pay.
LG first launched its own payment service back in 2017 to take on Google and Samsung’s payment apps. In 2018, the service was brought 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.