LINE Pay and Visa Partner to Create New Payment Solutions
- The firms will cooperate on developing blockchain-powered technologies, such as business-to-business and cross-border payments, and alternative currency transactions.
- Line Pay users, LINE’s mobile payment service with 50 million registered users, will be able to use services at Visa’s 54 million merchant locations.
Line Pay Corporation, a major Japanese app provider, is partnering up with payment service firm Visa to create new blockchain and digital payment solutions, the companies announced in a joint statement to CoinDesk.
The new partnership will see the two firms cooperate on developing blockchain-powered technologies, such as business-to-business (B2B) and cross-border payments, and alternative currency transactions. Thanks to the partnership, LINE users will be able to apply for a digital Visa card from within the digital wallet app, and integrate already existing Visa cards.
LINE has continued to develop its own token ecosystem, after the release of its own cryptocurrency last summer, based on the in-house service-oriented blockchain network, Link Chain, which enables decentralized applications to be directly applied to LINE’s messaging platform. Line Pay users, LINE’s mobile payment service with 50 million registered users, will be able to use services at Visa’s 54 million merchant locations, and be able to see transactions in their app, even if Line Pay is not directly accepeted.
Merchant customers of Visa could also benefit from the partnership, as the firm is working on a way for merchants to interact with Line Pay service and digital wallet. Visa has also partnered with major cryptocurrency exchange Coinbase earlier this spring, to release a debit card powered by the exchange user crypto balance.
- The payments giant has proposed the creation of new self-custodial wallets, called “delegable accounts”, using the “account abstraction” (AA) method.
- As Ethereum does not yet support AA, Visa implemented its new wallet type on layer 2 scaling solution StarkNet, and successfully enabled automated recurring payments.
Close up of VISA sign at global headquarters in Silicon Valley, Foster City, CA, 24 August 2019. Sundry Photography/Shutterstock
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