UKDigitalFinance19

LINE Pay and Visa to partner on next-generation fintech solutions, digital payment cards

LINE Pay Corporation, operator of digital wallet and fintech services on the LINE messaging app, and Visa, the global payments leader, 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:

 

Messaging apps are a fast-growing frontier in digital commerce, as consumers look for more of their everyday tasks, like payments, to be integrated with the apps where they’re spending more of their time. As consumer preferences shift further towards a single app from which they can do everything – transfer money, make an online purchase, pay bills, book travel, and order food – LINE Pay and Visa’s partnership will make that seamless experience a reality for millions of users while ensuring LINE Pay and Visa further drive the expansion of globally interoperable, open-loop payments.

This new partnership extends the existing relationship between LINE Pay and Visa, which includes co-branded LINE Pay Visa cards in Taiwan and to be launched later this year in Japan.

“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.”

“The Visa co-brand program that currently serves 2.3 million customers in Taiwan is one of Visa’s fastest-growing programs globally, said 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. 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.”

 

Re-disseminated by The Asian Banker

Diary of Activities
Digital Finance Leadership Programme 2019
29 July - 02 August 2019 | United Kingdom