In a perfunctory move, LG is shuttering its contactless mobile payments service in the US after calling curtains on its smartphone business. In a message spotted by Droid Life, the Korean electronics giant alerted customers that it's phasing out the LG Pay digital wallet "over the remainder of 2021" ahead of a discontinuation date of November 1st.
The decision to shut down the service — which arrived in the US more than two years after its Korean launch — is hardly shocking. Having closed its mobile division in April, LG wasted little time in withdrawing itself from the market by halting its smartphone production line at the end of May. The company's payments service started life on the G8 Thinq, before rolling out to V50 5G, V40, G7 and V35, with plans for it to be a part of all future LG flagships. But, the service faced a daunting future surrounded by dominant rivals including Google Pay and Samsung Pay on Android and Apple Pay on iOS. Now, it's saying goodbye for good.
You can read the company's full statement regarding the LG Pay closure below:
We regret to inform you that the LG Pay Wallet service in the United States will be phasing out over the remainder of 2021 and discontinued on Nov. 1, 2021.
As we wind down over the coming months, you may notice that we will: stop accepting new enrollments to LG Pay; stop allowing the addition of new cards to existing accounts (Credit/Debit/Prepaid Card, Gift Card, Loyalty Card); and no longer allow the purchase of new gift cards. However, you will be able to use your existing provisioned cards until the LG Pay service is completely decommissioned.
In the interim, LG recommends that:
(a) if you have an LG Pay Perks Card with a remaining balance, you use your remaining funds prior to the LG Pay Service Termination; and
(b) if you have any gift cards in your LG Pay wallet to back them up for future use by saving the card number and pin outside of LG Pay.