LG Group, as the Korean big conglomerate is called, is set to launch into a cryptocurrency-based mobile wallet payment system market.
Its SI or system integrator subsidiary LG CNS has begun a fraternity community-based pilot project for the cryptocurrency-denominated payment platform in what’s dubbed as ‘Magok Pay’.
Called after the name of its ‘Magok LG Science Park’, home to all of LG Group’s research and development centers, the “Magok Pay is a sort of crypto coin-based mobile payment app.
Once downloaded into their mobile phones, that app allows users to charge the mobile wallet with crypto coins and pay them for daily necessities like coffee, foods, and other miscellaneous at 24 -hour convenience stores, coffee shops and restaurants across the fraternity community of the science town.
Sprawling across a land lot of 170,000 square meters, the ‘Magok LG Science Park is a newly-built concentration of 20 LG affiliates’ research and development centers.
As it is home to 17,000 researchers and engineers, it can be a test bed for the mobile cryptocurrency payment platform.
LG Group joins hands with KB Kookmin Bank to launch the service.
If the test-run service proves commercially viable, LG is scheduled to launch a full-fledged service across the country in the first quarter of 2019.
According to some industry sources, LG Group is staking out the blockchain infrastructure build-up projects as a next breadbasket. The mobile cryptocurrency payment platform is part of the big picture, as LG is struggling to work together with regional communities like counties, cities, and provincial governments to launch the mobile cryptocurrency payment platform across the country.