Lotte Focuses on Mobile Payment Platform | Be Korea-savvy

Lotte Focuses on Mobile Payment Platform


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. (image: Wikipedia)

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. (image: Wikipedia)

SEOUL, May 11 (Korea Bizwire) – 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.

(Yonhap)

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