Line Pay, owned by Japan’s largest messaging app Line, and global payments giant VISA have come together to create fintech solutions. This will include blockchain based solutions for business to business, cross-border payments, and alternate currency transactions focused on delivering a unique user experience. The collaboration will also create a pre-paid virtual VISA card, which can be used directly from the Line App.
Chris Clark, VISA’s President for the Asia Pacific region, said,
The Visa co-brand program 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.
Line Pay was launched in 2014 by the Line Messaging App, in a bid to cater to the growing demand for digital payments. Line Pay also introduced the Line Pay digital wallet, a mobile payment service integrated with the messaging app itself. The digital payments platform has over 32 million monthly users, making it one of the largest virtual payments network in the country.
VISA is the global leader of the payments sector, with reach in more than 200 countries. The company declared earlier this year that it would be integrating blockchain technology with its global operations in a bid to facilitate crypto payments. Since then, the company has been striking many partnerships to expand its footprint in the world of blockchain and crypto.
Line Pay and VISA will continue to find “ways for merchants to interact with the Line Pay service as well as Line Pay digital wallet.” Elaborating on the collaboration with VISA, CEO of Line Pay and Line’s Fintech Company, Youngsu Ko, 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.
The line has continually been progressing in the crypto space, ever since the launch of Line Pay. The messaging app launched a crypto exchange, Bitbox, and also a $10 million strong venture capital, Unblock Venture, focused towards crypto and blockchain start-ups.