LG Electronics is planning to enter the global mobile payment market. The company has applied for the 'G Pay' trademark in both the U.S. and its home country. The applications in both the Korean Intellectual Property Office and the U.S. Patent Office denote LG's intention to enter into the mobile payment market. Rival Samsung Electronics had also made a similar move last March, towards the availability of its Samsung Pay service.

LG Electronics has been in talks with South Korean financial businesses since early 2015, as the company was trying to analyze its competitors’ payment platforms while sharing information about mobile payment market with credit card businesses.

During a press conference eariler this month for the release of the new V10 smarphone, Kim Jong Hoon, Executive Director of LG Electronics’ MC Business Headquarters’ Product Planning Group had confirmed LG's plan to enter payment service.

LG Electronics had also installed an NFC payment function into its 'Watch Urbane 48' smartwatch, cooperating with South Korean prepaid brand 'Cashbee'.

The company has also started developing a fingerprint recognition solution that will be compatible with Android Pay.