Under the partnership, the companies will collaborate across multiple areas including everyday consumer payments, merchant solutions, and marketing, among others.
LINE users will be able to apply for a digital Visa card from within the LINE app, as well as add their existing Visa cards to make seamless payments from their mobile phone in the future. New merchant solutions, on the other hand, would enable LINE Pay users to use LINE Pay branded capabilities at Visa’s 54 million merchant locations worldwide.
One key area of collaboration will be fintech services that will focus on leveraging blockchain technology. According to the press release:
“LINE Pay and Visa will develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions.”
Commenting on the partnership, Youngsu Ko, CEO of LINE Pay and LINE’s Fintech Company, said
“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.”
In April 2018, LINE’s mobile platform subsidiary LINE Plus launched a blockchain subsidiary ‘Unblock,’ which launched a $10 million fund for investing in early-stage blockchain startups in August. In July, LINE launched a cryptocurrency exchange, BITBOX.
LINE also introduced its first digital token “LINK” and its first blockchain network, LINK Chain in August 2018.
Visa is also actively involved in the blockchain space. In October 2016, it previewed blockchain-based platform ‘Visa B2B Connect’ which aims to provide financial institutions with a simple, fast and secure way to process cross border B2B payments globally. In April 2019, FIS partnered with Visa to enable its commercial financial institution clients to access the platform in a fast and secure manner.
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