LINE Pay Corporation, operator of fintech services on Japanese messaging application LINE, has been collaborating with U.S. financial services company Visa on new blockchain and digital payment solutions.
An estimated 1.66 billion Visa debit cards and 781 million credit cards were in circulation worldwide as of Q4 2018, while LINE reportedly counts 187 million global users monthly, with an estimated 50 million registered to its Line Pay mobile payment service.
Additionally, LINE users will have the option to apply for digital Visa cards within the app and integrate existing cards for making future mobile-based payments. The companies have also announced plans to release new merchant-focused solutions for various LINE Pay services at Visa’s 54 million merchant locations.
Furthermore, users will still be able to track their merchant transactions using their LINE Pay digital wallet even at locations where LINE PAY is not directly accepted. The digital wallet is expected to see heightened interaction with Visa-based services as part of efforts to develop globally interoperable payments.
Visa has also started pursuing its own crypto-related strategies, while simultaneously downplaying the competition that crypto innovators pose to its market dominance. The payments giant even recently collaborated with U.S. crypto exchange Coinbase on a debit card powered by U.K.-based customers’ account crypto balances.
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