LG to launch NFC mobile payment in 2012

A new report says that LG will be launching NFC mobile payment system in Europe in 2012. Using NFC (near-field communications) the system would enable users of LG phones to make payments with their cell phone.

According to Jin-Yong Kim, vice president for business solutions at LG’s Home Entertainment division via Reuters, “The point-of-sale technology, which will be targeted at small and medium-sized businesses and will involve NFC or near field communications and cloud computing, is currently in beta testing.”