Lotte L Pay takes on Apple and Samsung
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South Korea’s retail conglomerate Lotte Group is ratcheting up efforts to promote its own mobile payment platform, L Pay, industry watchers said Wednesday, as such services gained popularity over previous months amid the rising number of smartphone users.
Lotte Group chairman Shin Dong-bin was recently quoted as saying by corporate officials that L Pay is an “important asset” for the business group, adding that Lotte should expand the scope and quality of the services provided by the L Pay platform.
Shin also highlighted the importance of expanding business partnerships to garner a larger slice of users in the market.
The business group has been making efforts to establish “omnichannel” solutions, which refer to bringing together online and offline shopping platforms.
L Pay is significant as it allows users to manage their mileage at shops and restaurants operated by Lotte Group, including Lotte Cinema, 7-Eleven and Lotte Department Store.
The service has been forging ties with eight South Korean credit card firms and is also in talks with Samsung Electronics Co. to have L Pay applied to Samsung Pay.
Questions & Answers
Q.Why is Lotte Group prioritising L Pay at this time?
Why is Lotte Group prioritising L Pay at this time?
Industry observers noted that mobile payment services have become more popular in recent months, correlating with an increase in smartphone users. Lotte Group chairman Shin Dong-bin also called L Pay an important asset for the business group.
Q.What is the strategic goal for L Pay within Lotte Group?
What is the strategic goal for L Pay within Lotte Group?
Lotte aims to expand the scope and quality of services offered by L Pay and increase its user base. This aligns with the group's broader strategy of establishing 'omnichannel' solutions, merging online and offline shopping.
Q.How does L Pay benefit Lotte Group customers?
How does L Pay benefit Lotte Group customers?
L Pay enables users to manage their mileage across various Lotte Group shops and restaurants. This includes businesses like Lotte Cinema, 7-Eleven, and Lotte Department Store.
Q.Is Lotte L Pay working with other companies?
Is Lotte L Pay working with other companies?
Yes, L Pay has established partnerships with eight South Korean credit card companies. The service is also in discussions with Samsung Electronics Co. To integrate L Pay into Samsung Pay.