LINE Pay partners Visa to provide blockchain-based digital payment solutions
In a move that might bode well for the future, LINE Pay Corporation, the operator of fintech services has entered into a partnership with American multinational financial services corporation, Visa on new blockchain and digital payments solutions, according to a report by Cointelegraph. The news was made public in a press release shared with Cointelegraph on Thursday.
The report further adds that as of Q4 2018, there were an estimated 1.66 billion Visa debit cards and 781 million credit cards in circulation worldwide. The press release further states that LINE accounts for nearly 187 million global users monthly, with an estimated 50 million users registered for its mobile payment service, Line Pay.
It is expected that the new partnership will herald a new era of cooperation on a wide range of services which would include the development of new fintech solutions powered by blockchain that support business-to-business and cross-border payments, as well as alternative currency transactions.
The firms have also announced plans to come up with merchant-focused solutions that would include rolling out support for various LINE Pay services at Visa’s 54 million merchant locations globally. The press release further adds that even where LINE Pay is not directly accepted, users will be able to track their merchant transactions using their LINE Pay digital wallet.
LINE Pay Corporation rolled out its own cryptocurrency in late summer 2018 and has continued to develop its token ecosystem based on its native blockchain, LINK Chain. The blockchain network also enables decentralized applications to be directly applied to LINE’s messaging platform.
While all this while Visa has downplayed the competition posed by crypto innovators but now it seems to be waking up from a deep slumber and has started pursuing crypto related strategies in full earnest.
It is important to note here that recently Visa partnered with San Francisco-based crypto exchange Coinbase on a debit card powered by United Kingdom-based customers’ Coinbase account crypto balances.