LG Electronics has adandoned a plan to unveil the company's new mobile payments system ― LG Pay ― at this year's Mobile World Congress (MWC) in Barcelona. "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," an LG official said Friday.

The official denied that the decision was made because of poor support from major credit card issuers in the company's target markets such as the United States.

The LG Group's consumer electronics affiliate will hold its unpacked event to launch the G5 on February 21 at the Sant Jordi Club in Barcelona.

In November, LG signed a non-binding memorandum of understanding with Shinhan Card and KB-Kookmin Card to promote LG Pay.

Reports hint that LG could have the resources to do a universal card for mass markets. The firm's iteration appears have a display to let users see which card is active, buttons to select them and contracts to keep it charged up.