LG has some catching up to do if it wants to be a competitor with Apple and Samsung. Samsung released its mobile payment system in 2015 and it's now available in 21 countries while Apple Pay is supported in 25 countries and regions. Android Pay, meanwhile, is available in 17 countries.

At launch, LG's payment system will be available on G7 and V40 premium phones in the US and next year, LG will expand the system to its mid-range phones.