Payments technology major Visa has collaborated with digital wallet and fintech services provider LINE Pay on next-generation fintech solutions and digital payment cards.
Image: LINE Pay and Visa have collaborated on next-generation fintech solutions and digital payment cards. Photo: courtesy of MBatty/Pixabay.
The companies have established a strategic partnership to create new financial services experiences for their collective user bases of millions of consumers and merchants across the world.
The partnership will allow LINE’s 187 million global monthly active users to apply for a digital Visa card from within the LINE app and add any of their existing Visa cards to make seamless payments from their mobile phone over time.
Visa Asia Pacific regional president Chris Clark said: “The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally.”
Via Visa, LINE Pay users can use LINE Pay branded capabilities at Visa’s 54 million merchant locations across the world, allowing benefiting from LINE Pay offers and services.
Customers can also view the transactions in their LINE Pay digital wallet, when LINE Pay is not directly accepted.
Furthermore, LINE Pay and Visa will work together to provide ways for merchants to interact with the LINE Pay service, as well as LINE Pay digital wallet.
Both firms will also develop new experiences based on blockchain, which allow B2B and cross-border payments and alternative currency transactions.
The companies will collaborate on exclusive marketing campaigns and promotions to enhance cashless payments in Japan, ahead of the Tokyo 2020 Olympic Games.
Both firms will also develop new experiences based on blockchain, which allow B2B and cross-border payments and alternative currency transactions.
The companies will collaborate on exclusive marketing campaigns and promotions to enhance cashless payments in Japan, ahead of the Tokyo 2020 Olympic Games.
LINE Pay and Visa will expand interoperable and open-loop payments across the globe, helping to transfer money, make an online purchase, pay bills, book travel, and order food from a single app.
The new partnership is said to expand 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.
LINE Pay 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.”