LINE Pay Corporation, the operator of fintech services on major messaging app LINE in Japan, is joining hands with payment services firm Visa which belongs to America for a new blockchain development and digital payments solutions. This news was confirmed in a press release shared on the 6th of June ‘19.
As of Q4 of last year, there were nearly 1.66 Billion Visa debit cards and 780 Million credit cards in circulation across the entire globe. According to today’s press release, “LINE counts 187 million global users monthly, with an estimated 50 million users registered its mobile payment service, Line Pay.” The strategic partnership of the two big firms will herald cooperation on a broad range of services which includes the development of new fintech solutions powered by blockchain technology which support cross-border payments and alternative currency transactions.
In addition, LINE users will be able to apply for a digital Visa card from within the app, and be able to integrate existing Visa cards to make mobile-based payments in the future. The firms have further confirmed plans to roll out new trader-focused solutions, which will support various LINE Pay services which are to be rolled out at Visa’s 54 million merchant locations globally. Where LINE Pay is not directly accepted even there the users will be able to track their transactions using their digital wallet. The LINE Pay digital wallet will see interactions with the Visa-based services with an aim to increase the growth of globally interoperable payments.
As reported, David Chaum, an American cryptographer has recently said, “I believe the real killer app for blockchain and crypto will be messaging systems integrated with payments.” Japan’s LINE which has its own cryptocurrency has continued to design its token ecosystem, based on the firm’s in-house service-oriented blockchain, LINK Chain. The blockchain network also enables decentralized applications to be directly applied to LINE’s messaging platform. Visa has officially downplayed the competition posed to its market dominance by crypto innovators has begun to pursue various crypto-related strategies. Visa also partnered with American crypto exchange Coinbase on a debit card powered by U.K based customers’ Coinbase account crypto balances. This firm has also recently launched a blockchain and crypto related job opening.