There are already too many products out there with the word “y” in the name. But that won’t stop , which just announced its mobile payment offering called, you guessed it, G y. 

Add it to the list of formidable foes: Android y, Samsung y, of course Apple y.

made the rumor official Thursday with an announcement on its Facebook page. There could be some room for G y in South Korea, where has a heavy presence. But in the U.S. it will do battle with Android y, which is getting a major push from , while Samsung is also vying for attention with its own Samsung y. And, increasingly, credit card companies banks are building mobile payments into their own apps.

At least Samsung’s solution differentiates itself by supporting Magnetic Secure Transmission (MST), which allows you to pay at any terminal with a swipe reader. It picked up the technology when it acquired opy, supports NFC as well. By all accounts, it appears G y will work with the stard NFC model.

The story behind the story: It seems everyone is jumping aboard the mobile payment ship. However, with big titans like , Samsung, Apple already in the ring, you have to wonder what thinks it can do to make a dent in this market. Our week with Samsung y showed some promise for an outside contender, but still found it lacked overall when compared to the more ubiquitous Android y.