First there was Apple and then Samsung, now even LG joins in. What does this three have in common aside from developing beautiful, high-end smart phones? They all have their own mobile payment systems. LG is now venturing into the mobile payment industry and seems unfazed that they will not only face Apple and Samsung as a competitor in that area but will also face a dozen other companies and banks.

LG just announced that they are launching LG Pay soon. The company also announced that they will be partnering with Korea's two largest credit card firms to roll out LG Pay. These firms are the Sheehan Card and Bookman Card. No other details are given though so it is not known whether the company is planning to roll out LG Pay outside of South Korea.

If they follow through their previous actions, we might see them rolling out LG Pay in the US or Europe later next year after launching in their home country. LG previously did so when they launch their Watch Urbane with LTE. The smartwatch was launched earlier this year in South Korea and is just now starting to come out in the US markets.

If that does happen, LG Pay will end up competing with Apple Pay, Android Pay and Samsung Pay, which is currently already trying to outdo each other in the mobile payments world. As of now Apple Pay and Google's Android Pay are neck and neck in the competition. But Samsung Pay seems to be steady and serious in trying to catch up and outdo the two others. But these tech companies are not the only competitors as some bank also have their own mobile payment system that they employ like Capital One who has their own app that enables users to tap-and-pay when they are making their purchases.

LG also didn't announce how their system works. If it would end up similar to Apple and Android Pay where users can pay for things by waving their phone into a card reader or it is just another of those app that make it easier for customers to make their purchases online via stores' website. LG is set to announce more details about their mobile payment service in the following weeks.