LG might soon come up with a universal credit card.
Apple and Google had earlier launched mobile payment systems, which can work with traditional card-swipe terminals.
Here are five must-know facts:
1) A universal credit card is a compelling idea: one can virtually store all the plastic in wallet in a single card, choosing the one someone actually wants to use with a simple interface.
2) While the idea is compelling, the execution hasn't been great so far. Coin had launch issues and had to send out a second version to its original customers.
3) LG's iteration appears to have the standard features: a low-power display to let you know which card is active, buttons to select them and contacts to keep it charged up.
4) As per reports, the universal credit card will be called the 'White Card' and is expected to be announced later this month.
5) Several smaller companies like Coin, Swyp and Plastc have tried to make the present better with universal credit cards.
Even if LG makes the perfect universal credit card, it probably won't be a long-term solution.
Nevertheless, there is a small window of opportunity for LG, especially in the US, where more people still use the old swipe technology.