LG shuts down its payment service

LG has closed its payment service, LG Pay. The closing weeks come after the company announced the closure of its smartphone business.

"Thank you for being a valued LG Pay customer! We regret to inform you that LG Pay will be phasing out and discontinued over the remainder of 2021. More specific details will follow," LG said on its website.

LG may soon announce more details about the service shutdown in the coming days. In the future, LG Pay users can opt for other payment services on their devices from LG. However, as per GSMArena, the magnetic stripe feature that LG smartphones support LG Pay will also not work on Google Pay.

LG launched the payment service in 2017. The service followed the launch of Google and Samsung's payment services. However, the company did not implement the service for everyone at once. Almost a year and a half after its announcement, it became available in the US to support magnetic stripe terminals.

The closure announcement is not surprising, as LG no longer makes smartphones. In April 2021, LG said it would exit the smartphone business after several quarters of financial decisions for the unit.

Earlier this week, LG reportedly stopped making phones. The company continued to manufacture and sell phones to fulfil contracts and clear inventory. LG decided to convert a factory in Vietnam, where many of its phones are made, into a home appliance manufacturing unit.

For existing LG users, the company will continue to provide after-sales support and software updates. All LG premium smartphones currently in use would receive up to three iterations of Android updates from the year of purchase. The three-year OS update warranty applies to LG premium phones released in 2019 and later (G-series, V-series, VELVET, Wing).