Nov 19, 2015 06:00 AM EST

Samsung Pay, Apple Pay Competing For Broader Market? LG To Enter Growing Mobile Payment Industry

By Alex Cruz

Samsung Pay and Apple Pay are reportedly expanding into a broader market, while LG seems to be gearing up in preparation for the launch of its own mobile payment system.

The South Korean-based company, which already launched the Samsung Pay in the United States, is now preparing to hit China, Spain and U.K. in the first quarter of 2016. The company managed to net 1 million subscribers in their country alone, according to the report of Ubergizmo.

The move will reportedly give Samsung Pay an advantage over Apple, in terms of market coverage, although, the tech giant did not disclose their bank and retail partners for those markets.

Talking about Apple, the Cupertino-based company launched its Apple Pay in Canada on Tuesday.

Apple Pay, which is already available in the U.S. and U.K., will also be launched in Australia on Thursday. Information Week has learned that although both the Canadian and Australian launch are welcomed, they are limited.

One reason cited was the payment network supporting Apple Pay out of the gate in both countries. Apple will reportedly struggle to gain Canadian and Australian customers without MasterCard and Visa supporting it.

Unlike Samsung Pay, the number of brands accepting Apple Pay are limited. The company did not provide detail information on how it could acquire support from Visa, MasterCard and additional retailers, but it announced a similar planned expansion for American Express in Hong Kong, Singapore and Spain in 2016.

While both companies are making preparations for an expansion, LG is also gearing up to launch its own version to compete with Apple Pay and Samsung Pay. LG Electronics is apparently preparing to sign a deal with some card companies in South Korea, Android Authority reported.

"We will sign a deal with some of the country's major card companies before officially launching our mobile payment platform," LG reportedly said in an official statement.

There are reports suggesting that a deal with Shinhan Card and KB Kookmin Card, two of the largest card companies in South Korea, could be signed as early as Thrusday.

Despite the emerging report, LG has not yet confirmed when the service will go live or what it will be called. How it will work wasn't also divulged.

Many critics are expecting that LG will be making an announcement as early as next month, once the deal has been completely finalized.

LG will be catching up with Samsung Pay and Apple Pay, but there are some who believe that the company will be having a tough time, unless they give a unique offer that will convince the customers to choose their service.

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