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?
so the real question is how will they enable a dynamic chip process? Regardless of any or all bank integration, how will the chip rotate secure details? Magnetic stripe (as done by Coin/plastc) are simple – there’s no real security on them. To date, no one has come up with a method to have a dynamic chip.
I’m all for a phone + one card world. Hopefully we’ll get there. I’d sign up for an LG white card, esp if i could keep my current phone.
As usual LG slurping SAMSUNG BALLS trying something that will always be useless and comical. I feel sorry for clueless LG users.
What is it with you and balls? “suck monkey balls” this and “slurps Samsung balls” that. Do you have some kind of fetish for balls?
Completely forgot this was a thing. LG is dropping the ball hard.
Have we seen this in Person? If How is it different from Coin…since Coin kind of failed
Coin didnt fail, my coin works great, where you dont need a chip (like gas stations, i use it ALL the time). Its the chip, without bank backing (each bank individually, like how samsung got every bank to back them, except discover, to join in), its a useless card. Coin works great, just came 10 years too late.
Mine was useless before EMV was even rolled out because they didnt include track 1 data (your name) on the stripe, and 1 out of 4 places I’d go to it would fail to work for that very reason.
Does that mean Samsung Pay won’t work with terminals upgraded to IC chips?
Yes, Samsung Pay will work with Chip Terminals because they include NFC.
Yes a lot of the major retailers seemed to have upgraded to the same terminal which has NFC…. but doesn’t mean it will work since they have to enable support for these things.
Also there are some EMV(Chip) enabled terminals that doesn’t have NFC (ie, my parents restaurant’s terminal doesn’t have it)
I have yet to see a chip terminal without a mag strip also (so Samsung pay would still work) but hopefully once chip only terminals are widespread the fear of NFC will be gone and all them will be activated….
Your parents restaurant should still be able to use Samsung Pay also because of the looppay technology it uses…
walmart turns off nfc on theirs.
Yes I know but Samsung Pay still works because of the mag strip.
Its not NFC mostly they use, samsung pay uses the magnetic strip and with the bank backing uses a different card number and doesnt have to use the chip.
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Plastc is going to be the one to have! Same features as White with a touchscreen and much more!!
Check it out at http://www.Plastc.com
Here is a $20 discount on your Pre-Order! https://share.plastc.com/x/6kA1ME
Only if they release it in this decade.
ha! Very true! Plastc is pretty confident they will begin shipping in August/September. It would be a catastrophe if they miss this deadline as well. I personally don’t mind the delays if it means I get a better product!
> Plastc is pretty confident they will begin shipping in *Insert Date*
*Said every crowd funded project ever*
Plastic may HAVE a chip, but that doesnt mean the chip will WORK. As of now, there is no information that the chip is functional and just like my coin, will become useless. My money seems to be with bigger companies like samsung and LG to be able to get banks on board. Without the bank backing them (plastic) the chip will never work.