LG Electronics plans to launch a mobile payment platform as early as next month, the company said Wednesday. "We will sign a deal with some of the country's major card companies before officially launching our mobile payment platform," said an LG Electronics official.

LG Electronics has already released the latest flagship smartphone V10, which features a fingerprint recognition technology that will be used for its mobile payment service.

LG Electronics will sign a partnership deal with the South Korea's Shinhan Card and KB Kookmin Card, according to local reports.

For the payment service, the company previously registered a trademark for some potential service names including "LG-Play" both at home and the United States.

Rivals Samsung, Apple and Google are also making aggressive moves to gain a leading position.

Samsung's payment service uses the magnetic secure transmission (MST) technology, which guarantees wider usage than its rival Apple's near field communication (NFC)-based system. LG Electronics has yet to unveil which technology it will adopt for its mobile payment system.