Mobile payment applications are quickly gaining steam, with companies such as Apple, Google and Samsung all in competition in this new field. Now, another company is about to enter the ring.

According to Korean technology news site etnews, hardware manufacturer LG Electronics is working on an app of its own and has applied to register a trademark for "G Pay" in both South Korea and the U.S.

The company recently launched a new handset, the Nexus 5X, as apart of Google's Nexus device program. Because of the partnership between the two companies, many industry experts expected LG to formally adopt Android Pay, Google's mobile payment application. When Samsung launched it's own application, Samsung Pay, LG changed its plans.

Samsung, also a Korean company, has long dominated the Android phone market, and has recently become the number one phone manufacturer in the world. LG and Samsung compete in almost every industry, including cellphones, smartwatches, televisions, appliances and many others. Mobile payment applications is set to become the next entry in that list.

Etnews reported that LG has already run limited tests of the software in South Korea on its flagship smartwatch and smartphone devices. It is reportedly ready to launch this year, but could be push back to coincide with the company's next device launch, which typically happens in the second quarter of each year.

When launched, LG may have an easier entry point to the field than trailblazers like Apple and Google. With the groundwork already in place for businesses to accept these other applications, taking payments form LG's application would require few or no extra steps than those others.

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