Japanese messaging giant LINE has recently announced a new partnership with Visa to deploy innovative new financial experiences in the areas of global payments, transfer platforms and blockchain.
The companies will collaborate on:
- Everyday consumer payments — LINE users will be able to apply for a digital Visa card within the LINE app itself and add existing Visa cards for more seamless mobile payments.
- Merchant solutions — LINE Pay users will be able to use these same services at Visa’s 54 million merchant locations worldwide and see transactions in their digital wallet, thereby supporting the growth of interoperable payments.
- Fintech services — Using blockchain technology, LINE and Visa will develop fintech services that enable B2B and cross-border payments and alternative currency transactions.
- Marketing — To help with Japan’s goal of becoming a cashless society, LINE Pay and Visa will partner on marketing campaigns in the lead-up to and after the Tokyo 2020 Olympic Games.
“LINE Pay and Visa’s partnership will make that seamless experience a reality for millions of users while ensuring LINE Pay and Visa further drive the expansion of globally interoperable open-loop payments,” states LINE’s press release.
Although ICON has a joint venture with LINE to build its blockchain network, there is no indication that ICON is involved.