LG set to introduce European NFC payment system in 2012
It looks like LG Electronics is joining other handset manufacturers in supporting near field communication (NFC) technologies, but the company is looking to go even further.
In an interview with Reuters, Jin-Yong Kim, vice president for business solutions of the South Korean manufacturer's Home Entertainment division, said it will be introducing a complete "swipe to pay" system using NFC in Europe in 2012. The system will be marketed to LG's small and medium-sized business customers.
The announcement comes a week after Apple Inc.'s plans to ship next-generation iPhones and iPads with NFC support were leaked. Additionally, Barclaycard and Everything Everywhere Ltd announced last week their NFC payment system for the United Kingdom would be rolled out by summer 2011.
LG did not reveal any specifics about its system, saying only that it would be based on NFC and cloud computing. The company also did not say if it is partnering with any wireless carriers, banks or card brands to connect the system to existing payment methods.
Kim told Reuters the system would be integrated into other electronics LG manufactures for its business clients such as televisions and security systems.
LG is the third-largest manufacturer of handsets in the world behind Finland-based Nokia and South Korea-based Samsung, but it has struggled recently in the mobile market. Last week LG reported a 15 percent drop in revenue from handset sales for the fourth quarter 2010 versus the same period the previous year.
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