LINE Pay and VISA have entered a new partnership with an aim to create new fintech solutions using blockchain, beneficial to global merchants and consumers.
Japan’s LINE Pay Corporation and American multinational payments firm Visa will create new digital payment solutions that will be powered by blockchain technology.
The new partnership enables the two companies to explore and collaborate on innovative fintech solutions, including global payments and transfer systems. These blockchain-powered solutions will provide support for business-to-business payments, cross-border payments, and alternative currency transactions.
Youngsu Ko, CEO of LINE Pay and LINE Fintech Company, said:
“With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network.”
Other than said solutions, this strategic team-up enables LINE users to maximize the services provided by VISA. They will be able to integrate existing VISA cards into the LINE app and use the cards to pay using their mobile device on any of VISA’s 54 million merchant locations across the world.
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Reports also show that LINE users will be able to acquire a digital VISA card using the app, as well as benefit from digital global payments services and integrated loyalty programs.
Meanwhile, this new collaboration follows the efforts of both companies to innovate solutions toward cryptocurrency and blockchain.
Last year, LINE launched a new company tasked to provide digital currency services and introduced its own cryptocurrency. Called LINK, this cryptocurrency is listed on LINE’s BitBox crypto exchange.
Similarly, VISA partnered with Coinbase earlier this year for a debit card that allows UK-based customers to use crypto in their Coinbase accounts.
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