LINE Pay, the mobile payments service used in the LINE messaging app, has partnered with payment services firm Visa to create new financial services experiences for their collective user base.
The two parties will collaborate across multiple areas, including everyday consumer payments and solutions for merchants, among others. LINE users will be able to apply for a digital Visa card from within the LINE app, and over time, add any of their existing Visa cards to make seamless payments from their mobile phone. Through Visa, LINE Pay users will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations worldwide, enabling them to take advantage of LINE Pay offers and services.
The two companies will also collaborate on FinTech services, where they will leverage blockchain technology to develop new experiences that enable B2B and cross-border payments and alternative currency transactions.
“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,” said Youngsu Ko, CEO of LINE Pay and LINE’s FinTech Company. “With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network.”
The new partnership is an extension of the existing relationship between the two companies, which includes co-branded LINE Pay Visa cards in Taiwan and to be launched later this year in Japan.
“The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally,” said Chris Clark, Regional President, Asia Pacific, Visa. “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.”
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