Line Pay expands Visa partnership to launch more fintech services
2019-07-11 10:01 Thursday
Japan-based Line Pay Corporation and payment provider Visa have announced that they will further expand their partnership this summer, to offer a broader range of cashless payment options ahead of the Tokyo Olympics.
The two companies already announced an initial collaboration earlier this year which has allowed users of the Line messaging app to apply for a co-branded Visa debit card in Taiwan.
That action is being expanded to Japan, with customers also now being able to get a virtual debit card and use any existing cards from other providers to pay for goods and services using their mobile phone.
The two companies announced the partnership on June 6. The move will see them create a new financial services base for their collective users that will benefit consumers and merchants worldwide, especially bringing advantages for cross-border payments and for aggregate payments using e-wallets.
Line, which is owned by its South Korean parent company Naver Corporation, already boasts some 187 million global monthly active users. They will be able to apply for a digital Visa card from within the Line app. Over time, they can add any of their existing Visa cards.
The two companies will also offer users additional experiences such as integrated loyalty programs and personalized offers and new payment capabilities for traveling overseas.
Through Visa, Line Pay users can look forward to using Line Pay at 54 million merchant locations worldwide that accept the brand’s cards, enabling them to take advantage of many more offers and services.
When users go to carry out transactions with their Line Pay digital wallet, they will no longer be restricted to merchants that directly accept the feature, as long as the sales point has a contactless device to process in-person payments.
In another intriguing new move, Line Pay and Visa will also develop new user experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions. Some hope that this could even extend to cryptocurrency further down the path.
Ahead of the Tokyo 2020 Olympic Games, Line Pay and Visa will partner on exclusive marketing campaigns and promotions.
“Line Pay is more than just a payment method. As we transition to a cash-less 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 Visa co-brand program that currently serves 2.3m customers in Taiwan is one of Visa’s fastest-growing programs globally,” said a spokesperson for 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 app 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.”
Founded in 2014, Line Pay aims to become a leader in the mobile fintech industry by closing the distance between people, money, and services for cashless payments and digital e-wallet services.