Samsung and Apple pretty much own the mobile payments market right now, but LG is looking to get into the mobile payments game with its own product, which should arrive as 'G Pay'.
Android Authority is behind the rumor, noting that LG has trademarked "G Pay" and "LG G Pay" in South Korea, and in the US. If LG is trademarking it in these two countries, we should expect a global launch of G Pay in the near future. The site also indicates that there was a statement from LG Director Kim Jong Hoon during their recent V10 smartphone unveiling event, where he seemed to confirm the mobile payments system.
LG should unveil its mobile payment system, or G Pay, in the near future.