VISA and LINE Pay Partner On Blockchain-based Cross Border Payments and Crypto Transactions
- Visa and LINE work together to create new fintech solutions for consumers
- They want to build a blockchain network for cross border payments
VISA is currently working with Line Pay in order to develop a set of fintech solutions for users. According to a press release, the goal is to integrate Visa cards in the LINE application. At the same time, these two companies are also going to collaborate on different fintech services.
VISA And LINE Work Together On Different Financial Services
The global payments leader Visa and LINE Pay Corporation announced a strategic partner that will allow them to create different financial services experiences for users around the world. The idea is to reach individuals, merchants and other consumers in many countries.
Some of the areas in which these firms will be working on include everyday consumer payments, solutions for merchants, fintech services and marketing.
LINE has 187 million global monthly active users that will have the possibility to apply for a digital Visa card using the LINE app. Users will have the possibility to make seamless payments just using their mobile phones. There will be other integrated loyalty programs and special offers for users.
LINE Pay consumers will be able to use LINE Pay capabilities at the 54 million merchant locations in which VISA is currently available. At the same time, users will also be able to see their transactions in their LINE Pay digital wallets.
Furthermore, LINE Pay and Visa will develop some solutions using Blockchain technology in order to process cross-border payments and perform “alternative currency transactions.”
Finally, before the Tokyo 2020 Olympic Games, Visa and LINE Pay will be working together on exclusive marketing campaigns and promotions, which is expected to contribute to Japan’s goal to become a cashless society.A
Chris Clark, Regional President, Asia Pacific, Visa, commented:
“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.”
He went on saying that as the LINE Pay team continues to enhance the utility of their LINE messaging application, Visa is impressed with the potential that the application has for consumers’ everyday lives.
This shows that Visa is working in order to enable new experiences related to digital cards and cashless services. Other developments include the Visa fintech fast-track program making it easier to build new commerce experiences on the Visa payment network.