LINE Pay, the operator of digital wallet and FinTech services on the LINE messaging app, announced on Thursday (June 6) that it has inked a partnership with Visa to create new financial services experiences for consumers and merchants around the globe.
In a press release, LINE and Visa said the two companies plan to collaborate in different areas, including giving LINE’s 187 million monthly active users the ability to apply for a digital Visa card, and eventually other Visa cards, within the LINE App. The idea is to give users a way to make payments on their mobile phone. The companies will also roll out integrated loyalty programs and tailored offers.
On the merchant front, through Visa, LINE Pay users will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations around the globe. Merchants will also be able to see transactions in their LINE Pay digital wallet. LINE Pay and Visa will also work on ways for merchants to access LINE Pay services and the LINE Pay digital wallet.
“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 of LINE Pay and LINE’s FinTech Company, in the press release. “With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network.”
Additionally, LINE Pay and Visa said they will develop new financial services based on the blockchain that enables business-to-business and cross-border payments, as well as alternative currency transactions. The two will also jointly market their partnership ahead of the Tokyo 2020 Olympic games.
“The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally,” said Chris Clark, regional president, Asia Pacific, Visa, in the same press release. “We are excited to extend this momentum to a range of new solutions in more markets around the world. As the LINE Pay team continues 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.”