Visa (NYSE: V), the global payments leader, and LINE Pay Corporation, operator of digital wallet and fintech services on the LINE messaging app, today announced a strategic partnership that will see them create new financial services experiences for their collective user bases of millions of consumers and merchants worldwide.
The two companies will collaborate across multiple areas, including:
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 over time, add any of their existing Visa cards to make seamless payments from their mobile phone. The companies will also offer consumers additional and enhanced experiences like integrated loyalty programs and tailored offers and new payment capabilities for users when they travel overseas.
Solutions for merchants: Through Visa, LINE Pay consumers will be able to use LINE Pay branded capabilities at Visa’s 54 million merchant locations worldwide, enabling them to take advantage of LINE Pay offers and services. They will also be able to see these transactions in their LINE Pay digital wallet, even where LINE Pay is not directly accepted. In addition, Visa and LINE Pay will collaborate on ways for merchants to interact with the LINE Pay service as well as LINE Pay digital wallet, supporting the continued growth of globally interoperable payments.
Fintech services: LINE Pay and Visa will develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions.
Marketing: Ahead of the Tokyo 2020 Olympic Games, Visa and LINE Pay will partner on exclusive marketing campaigns and promotions to contribute to Japan’s acceleration towards a cashless society in the lead-up to and after the Olympic Games.