LG has launched the LG Pay mobile payment service supporting Mastercard and Visa in the United States, the first market outside of its home country South Korea. The Convego CloudPay service from G+D Mobile Security is used for deployment, provisioning and lifecycle management of virtual payment cards.
The LG Pay mobile payment service has recently become available in the United States on LG Electronics flagship smartphones. It enables users to add their physical Mastercard and Visa payment cards to their mobile phones in virtual form with just a few clicks. They can then use their smartphones to pay at any contactless terminal that supports Mastercard or Visa. LG Pay supports contactless payments using near-field communication as well as magnetic stripe-only payment terminals by incorporating Wireless Magnetic Communication.
Convego CloudPay enables token aggregation across the payment networks for LG Pay by provisioning the lifecycle management of the tokens. G+D's Convego CloudPay service is connected to the tokenization services of Mastercard (Mastercard Digital Enablement Service, MDES) and Visa (Visa Token Service, VTS). It requests the necessary tokens for each payment transaction and transmits them reliably and securely to LG smartphones.
The cooperation with G+D Mobile Security enables LG to scale transparently across payment schemes and increase security for its mobile payment service. In addition, the company can fully concentrate on its core competencies of mobility services and their user experience. Since Convego CloudPay supports numerous payment systems, LG will also be able to easily extend the payment service to other payment service providers and make it available to users with a consistent user experience.
"We are proud to be the first provider worldwide to support one of the leading mobile device manufacturers with such an implementation," says Carsten Ahrens, CEO of G+D Mobile Security. "We consider the partnership with LG as another proof of the market leadership of our mobile payment solutions competence and look forward to continue developing LG Pay together with LG."