LINE Pay Corporation partnered with Visa to unveil new blockchain and digital payments solutions. Line Corporation is an operator of fintech services on LINE — a major Japanese messaging app — while Visa is a renowned American payment services firm.
As of the last quarter of 2018, nearly 781 million credit cards and 1.66 billion Visa debit cards were already in circulation globally.
Furthermore, almost 187 million people worldwide use LINE monthly, while around 50 million individuals have registered with Line Pay, its mobile payment service.
Under the partnership, the two companies will collaborate on multiple activities such as the development of new blockchain technology powered fintech solutions for supporting cross-border and business-to-business payments.
Within the app, LINE users could integrate their Visa cards or apply for new digital Visa cards for making mobile-based payments.
LINE and Visa intend to roll out new LINE Pay merchant-focused solutions services across 54 million Visa’s merchant locations worldwide.
Users in places where LINE Pay is not directly supported should not worry as they will still use their LINE Pay digital wallet to track various merchant transactions.
LINE Pay digital wallet “additional, and enhanced experiences” in Visa-based services is aimed at fostering interoperable payments growth globally.
The trailblazing privacy-preserving digital currency inventor cum American cryptographer David Chaum has described the integration of payments into messaging systems in an app as a phenomenon for crypto and blockchain.
In late summer 2018, Japan’s LINE rolled out its own cryptocurrency. Through LINK Chain — its in-house service-oriented blockchain, — the firm has continued to build a token ecosystem. One can also directly apply decentralized applications to LINE’s messaging platform using the blockchain network.
Visa has begun to pursue various crypto-related strategies in spite of earlier downplaying the competition crypto innovators pose to its market dominance.
Earlier on, during the springtime, Visa entered into a partnership with Coinbase to develop a debit card for the Coinbase account crypto balances customers.