David is truly ready to take on Goliath, atleast when it comes to merchant payment systems. The messaging app Line is ready to go head-to-head against such giants as Google, Apple, and Samsung with their Line Pay platform.
Line Pay Corporation, working in conjunction with Visa, has created a new digital wallet and fintech services that will be used with the Line messaging app. This will allow consumers to be able to make payments through the use of their digital device, such as a phone or tablet.
Using blockchain technology, this is expected to be one of the most innovative platforms available to consumers. It will not only allow them to make payments across the globe but to transfer funds as well, all using the Visa name.
The Line messaging app already has 187 million active monthly users. Now those consumers will be able to apply for a digital Visa card that will be attached to their Line account. This will enable them to make payments directly from their mobile device, giving them direct access into the account or to transfer monies from their bank into their account. This will be the ideal solution for those who travel and are looking for a way to easily convert money from one form of currency to another.
For merchants, this is an ideal solution as well. They know that the finances of the app are backed by Visa, and the use of the messaging app for transactions will make for easy purchases using the digital wallet. This is true even in locations where Line Pay is not accepted. The partnership with Visa makes it so that the transactions will be accepted almost everywhere.
This plan is being rolled out now and is expected to be fully operational in time for the 2020 Summer Olympic Games in Tokyo. The two companies have already partnered to create an extensive marketing campaign that will likely help to accelerate Japan’s plan for a cashless society as the Olympic Games draw closer. This puts them in line to become a leader within the nation, who is already looking for tech companies that will help them reach their goal to become cashless.
The partnership will include all of the major Visa subsidiaries, including VisaNet, Visa Token Services, Visa Direct, and Visa Checkout, just to name a few. The backing of such a strategic partner puts Line Pay up against the heavyweights, such as Google, Samsung, and Apple. Now it will be up to them to ensure that they can continue this momentum as the Olympics draw near.
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