Over the past few months, more details have surfaced regarding LG Pay, the company’s mobile payments platform that should launch at some point, although, there is no concrete info on when we should expect it. It was even rumored it would launch this past January, but that didn’t happen. Anyway, a new report out of Korea states that the White Card, which is the consumer-facing end to LG Pay, will feature an IC (Integrated Circuit) chip.
Anyone reading this who has a new credit card probably knows what an IC chip is, as the chips are becoming more widely adopted by financial institutions all across the world. To sum it up, IC chips help protect your credit card data from fraud and cloning, utilizing on-the-spot encryption methods.
Not only will LG’s White Card feature the IC Chip, but will still work via the traditional MS (magnetic stripe) means. That allows the White Card to not only work at pretty much any terminal now, but any terminal that gets upgraded in the future to only work with IC chips, as they are becoming the worldwide standard for credit card payments.
As a refresher, think of White Card like a master key for your existing catalog of credit and debit cards. Once you upload all of your banking and credit card details onto White Card, you can use this single card for all of your purchasing needs, sort of like Coin used to do with the Coin 2.0 hardware.
Are you pumped for LG Pay and White Card?