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LG to Launch NFC Payment System in 2012

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Jan 31, 2011, 1:10 PM by Eric M. Zeman

LG today announced plans to debut a mobile payment system across Europe that makes use of near-field communications. The system would be distributed to European retailers and would enable users of LG mobile phones in those markets to make payments with their phone. Speaking to Reuters, Jin-Yong Kim, vice president for business solutions at LG's Home Entertainment division, said, "The point-of-sale technology, which will be targeted at small and medium-sized businesses and will involve NFC or near field communications and cloud computing, is currently in beta testing. It will be launched next year." LG did not announce any specific plans to bring this technology to the U.S. Google recently added support for NFC to its Android platform, which will support mobile payments. Additionally, a number of handset makers and wireless network operators formed a joint venture in 2010 called Isis, which is meant to bring NFC-based mobile payments to retailers in the U.S.

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