Electronics manufacturer, LG, is discontinuing its mobile payment service, LG Pay, in the US on November 1.
The company announced it has stopped manufacturing phones. Then, the company said it will wind down its smartphone division by July 31. The reason for this decision was that it continued to record losses amidst competition from brands like Apple and Samsung.
By shutting down LG Pay, the company continues its march toward this goal. In its announcement, the company stated that it will halt gift card purchase and enrollment of the product. Also, it will cease to accept the linking of new cards to pre-existing accounts.
However, the company will not pull total support for the product until later in the year so users can continue to use it for the time being.