LG
LG's quest to join the mobile payment market has been delayedGetty Images

LG is not ready to divert attention from its flagship, the LG G5, at the Mobile World Congress in Barcelona later in the month, with reports emerging that LG Pay, which was also supposed to debut at the event, may be delayed until Q2 of 2016. This is in stark contrast to the strategy of Samsung, whose mobile payment platform Samsung Pay is expected to hit markets like the UK and Russia the same day as the Samsung Galaxy S7 launch at the MWC 2016.

In a statement to the Korea Times, a company official said, "LG Electronics has delayed the official launch of LG Pay to the second quarter of this year to help the new LG flagship smartphone ― G5 ― receive more media attention."

How much of this is true is a matter of debate, as many recent reports had suggested that LG was not able to garner support from major credit card vendors in the US and other markets for the payment platform. A company official has, however, denied this and said LG G5 is their priority as LG "can't afford to see another failure" in the smartphone segment amid challenging market situations as the failure of LG V10 to get traction.

LG has been struggling with its mobile division as budget Chinese players continue to offer flagship features on smartphones with astonishingly low prices. Consumers are moving to brands like Xiaomi, Huawei, OnePlus and other budget brands, which has forced LG out of the top five in 2015 when it came to smartphone shipments.

The company is now looking to reinvent its strategy with no room for mistakes. Two days ago, it announced two mid-range models, the X Cam and X Screen to offer consumers better budget choices. A day later it announced the LG Stylus 2, a successor to the LG G4 Stylus. All of these models will also be showcased at the MWC 2016 along with the LG G5.

The LG G5 is one of the most eagerly awaited flagships this year, but it will face stiff competition from the Samsung Galaxy S7 and Apple iPhone 7. The G5 is expected to feature a Quad HD display powered by a Snapdragon 820 chip-set with 4GB of RAM and 32GB of internal storage.