LINE Pay Corporation – the digital wallet operator and fintech service for the LINE messaging app – and Visa have signed a strategic partnership to create new worldwide financial service experiences, as well as exclusive marketing campaigns for the 2020 Tokyo Olympic Games.
The two companies will collaborate across multiple areas as follows:
Everyday consumer payments
LINE’s 187 million global monthly active users will be able to apply for a digital Visa card from within the LINE app, and add any of their existing Visa cards to the app. The two companies will also launch integrated loyalty programs and new user payment capabilities for overseas travel.
Solutions for merchants
Through Visa, LINE Pay users will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations worldwide, with a transaction history displayed in their LINE Pay digital wallet. In addition, LINE Pay and Visa will collaborate on ways for merchants to interact with the LINE Pay service as well as LINE Pay digital wallet. Fintech services LINE Pay and Visa will develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions.
Ahead of the Tokyo 2020 Olympic Games, LINE Pay and Visa will partner on exclusive marketing campaigns and promotions to contribute to Japan’s acceleration towards a cashless society.
The companies stated that consumer preferences have shifted further towards using a single app that they can do everything with; transfer money, make an online purchase, pay bills, book travel, and order food. LINE Pay and Visa’s partnership aims to create a seamless experience for millions of users while ensuring both companies drive the expansion of globally interoperable, open-loop payments.
“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. “With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network.”
This new partnership extends the existing relationship between LINE Pay and Visa, which includes co-branded LINE Pay Visa cards in Taiwan, which is scheduled to be launched in Japan later this year.
The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally, according to Chris Clark, regional president, Asia Pacific, Visa.
“We are excited to extend this momentum to a range of new solutions in more markets around the world,” Clark said. “As the LINE Pay team continue 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.”