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Many Companies are launching their own Mobile Payment system to get them self of the top of the market. Apple and Google had earlier launched mobile payment systems, which can work with traditional card-swipe terminals.

LG's universal credit card is a compelling idea: one can virtually store all the plastic in wallet in a single card, choosing the one someone actually wants to use with a simple interface.

While the idea is compelling, the execution hasn't been great so far. Coin had launched issues and had to send out a second version to its original customers.

LG's iteration appears to have the standard features: a low-power display to let you know which card is active, buttons to select them and contacts to keep it charged up.

As per reports, the universal credit card will be called the 'White Card' and is expected to be announced later this month.

Even if LG makes the perfect universal credit card, it probably won't be a long-term solution.

Several smaller companies like Coin, Swyp and Plastic have tried to make the present better with universal credit cards.