Digital wallet and fintech service provider LINE Pay is set to create new mobile financial experiences in collaboration with Visa.
The partnership will spread across numerous areas of the payment ecosystem, including blockchain and cross border development, via the LINE messaging app.
LINE possess’ 187 million global monthly active users and consumers will now be able to apply for a digital Visa card from within the LINE app.
“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, 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.”
Furthermore plans are in place to add any of their existing Visa cards in an effort to create a seamless payments from a mobile phone. Tailored bonuses and offers, loyalty programs and new payment capabilities for users when they travel overseas will also feature.
LINE Pay and Visa said they will ultise each other’s knowledge to develop new experiences based on blockchain that will enable B2B and cross-border payments and alternative currency transactions on the mobile app.
Chris Clark, regional president, Asia Pacific, Visa commented: “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.”
The two entities will work together on marketing campaigns and promotions ahead of the Tokyo 2020 Olympic Games to contribute to Japan’s acceleration towards a cashless society.
This new partnership extends the existing relationship between LINE Pay and Visa, which includes co-branded LINE Pay Visa cards in Taiwan and to be launched later this year in Japan.
Clark continued: “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.”