Visa and Japan-based LINE Pay join hands in new blockchain and digital payment solutions

The American payments giant Visa and Japan’s LINE Pay Corporation are partnering on new blockchain and digital payments solutions. According to Cointelegraph the news was made public in a press release on June 6.

It was reported that Visa had about 1.66 billion debit cards and 781 credit cards across the world by the fourth quarter of 2018. The press release also confirmed that LINE currently has 187 million users spread worldwide. LINE also has 50 million users that are currently registered under the firm’s mobile payment service, Line Pay.

The collaboration will see the two organizations work on a wide range of digital services. Some of the expected products will touch on new fintech solutions to be powered by the blockchain technology. Other services will aim to support business-to-business and cross-border payments in addition to providing alternative currency transactions.

Users on the LINE messaging app will have the ability to apply for a digital Visa right from the app. Moreover, they will be able to link their existing Visa cards to ensure there is seamless mobile-based payment services in the future. Cointelegraph reports that:

“The firms have further announced plans to roll out new merchant-focused solutions, with support for various LINE Pay services to be rolled out at Visa’s 54 million merchant locations globally. Even where LINE Pay is not directly accepted, the press release notes that users will be able to track their merchant transactions using their LINE Pay digital wallet.”