Visa and LINE Pay will partner to develop new financial services experiences for users worldwide.
The two companies will work on innovative experiences in global payments, transfer platforms and also blockchain. The new solutions will significantly improve the financial journey’s of their global customer base.
The two companies will collaborate across multiple areas, including:
- Everyday consumer payments: LINE’s 187 million global monthly active users will be able to apply for a digital Visa card. In addition, they will be able to add any of their existing Visa cards to make mobile payments. The companies will also offer users additional and enhanced experiences. These will include, integrated loyalty programmes and new payment capabilities.
- Solutions for merchants: Through Visa, LINE Pay users will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations. They will also be able to see these transactions in their LINE Pay digital wallet. This is available even where LINE Pay is not directly accepted.
- Fintech services: LINE Pay and Visa will develop new experiences based on blockchain. That will enable B2B and cross-border payments and alternative currency transactions.
- Marketing: Ahead of the Tokyo 2020 Olympic Games, LINE Pay and Visa will partner on exclusive marketing campaigns and promotions to contribute to Japan’s acceleration towards a cashless society.
Visa Line Pay partnership: Cross-border solutions
Consumers continue to look for more payment solutions to be integrated with the apps that they’re using to spend and bank.
LINE Pay and Visa’s partnership will make that seamless payment experience for its users.
CEO of LINE Pay and LINE’s Fintech Company, Youngsu Ko, commented:
“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.”
Regional President, Asia Pacific, Visa, Chris Clark, added: “The Visa co-brand programme 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.”