The Japanese company LINE Pay Corporation has announced a partnership with Visa for the creation of new services and solutions in the fintech sphere.
In particular, the two companies will work together to develop new innovative solutions for global payments, fund transfer platforms and blockchain-based projects.
LINE Pay is the operator of the digital wallet services on the LINE messaging app and intends to integrate Visa cards into the wallet of the app. However, the collaboration is not going to end with this objective.
In fact, in addition to allowing the 187 million active monthly users to apply for Visa cards directly from the app, or add existing Visa cards to make payments directly from their mobile phones, this partnership will also offer users loyalty programmes and tailor-made offers, as well as new payment features for users travelling abroad.
In addition, LINE Pay users will be able to use the app’s payment features at Visa’s 54 million merchant locations worldwide, allowing merchants to interact with the LINE Pay service.
However, the two companies will also work on the development of new blockchain-based projects, for example for cross-border B2B payments and transactions in alternative currencies.
In view of the Tokyo 2020 Olympic Games, the collaboration will lead to shared marketing campaigns, with promotions launched to help accelerate Japan’s transformation into a cashless society.
According to LINE, consumer preferences are quickly shifting towards using a single app to cover everything from money transfers, online shopping and bill payments to travel bookings and ordering food. For this very reason, the partnership with Visa serves to make this experience simpler and more transparent.
LINE Pay’s CEO, Youngsu Ko, said:
“LINE Pay is more than just a payment method. As we transition to a cashless society, LINE Pay is focused on delivering added value to LINE’s users around the world and business partners. With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network”.
Visa Regional President for Asia-Pacific, Chris Clark, commented:
“The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally. We are excited to extend this momentum to a range of new solutions in more markets around the world. As the LINE Pay team continue to enhance the utility of the LINE messaging application for consumers’ everyday lives, we are impressed by the potential of LINE’s distribution power and consumer loyalty to further drive the growth of the global, open-loop payments ecosystem to benefit all players on our network – consumers, merchants, and issuing and acquiring banks”.