LINE’s Partnership with VISA Might See the Duo Introducing Crypto Payments Soonby Fintechnews Singapore June 6, 2019
Japanese internet giant LINE announced that its fintech unit LINE Pay has inked a partnership with VISA, which will see both parties provide financial services for their collective user bases of millions of consumer and merchants worldwide.
This development seems to be a follow up of their earlier initiative to launch a co-branded credit card.
With this partnership firmly in place, LINE’s 187 million global monthly active active users will be able to apply for a digital Visa card within the app. At the same time LINE Pay users will also be able to use LINE Pay branded capabilities to pay at VISA’s 54 million merchants worldwide.
In a media statement issued to Fintech News Singapore, both parties also indicated that they are seeking to develop solutions on the blockchain. It is hinted that the blockchain solution will be geared towards cross-border payments and “alternative currency transactions”.
Given LINE’s earlier launch of their cryptocurrency exchange BITBOX, it is entirely possible the Japanese internet giant may soon look into incorporation of cryptocurrency payment methods into LINE Pay.
This move seems to be part of LINE’s bigger fintech ambitions, as recent as February, LINE was seen investing US$ 182 Million into LINE Pay.