LG's new mobile payment idea is actually pretty old school

While new mobile payment solutions are coming out every few months to compete with the likes of Apple Pay and Android Pay, LG may introduce a more old-school option.

Instead of throwing a payment feature into a smartphone that uses either NFC or QR codes, LG Pay may actually be a universal credit card.

It would hold all your credit card information in one card, letting you choose between CCs with a low-power LCD screen and simple buttons, according to a report and image from Korean news site ETNews.

Ready for MWC?

LG announced late last year that it would soon be launching something called LG Pay to compete with Apple, Android and Samsung's payment systems, though it will at first only be available only in South Korea.

The report from today, however, claims LG's payment solution will reportedly be called 'White Card,' though the photo above also shows it to be labelled LG Pay.

Still, we suggest taking the report with a grain of salt, as this would be a completely different avenue for such a large company to head down if it wants to take on Apple, Samsung and Google's offerings. Universal cards are also already available through smaller companies like Coin and Plastc.

In any case, LG Pay will reportedly be announced next month during MWC 2016, so expect to hear more sooner rather than later.

• Android Pay just caught up to Apple Pay in one major way