LINE Pay Corporation, operator of the popular payment app LINE Pay, announced that it is launching a LINE Pay co-brand credit card with Visa in Japan.
The LINE Pay-Visa credit card is set to be released later this year, allowing consumers to make payments at merchants accepting Visa throughout Japan and around the world. Consumers can use LINE Pay through their smartphone screen, without having to present a physical credit card.
“As LINE Pay has grown, our top priority has always been providing the best possible user payment experience,” LINE Pay CEO Youngsu Ko said in an emailed press release. “We believe the launch of the LINE Pay-Visa co-branded credit card will greatly improve the entire LINE Pay platform, adding a diverse range of easy-to-use features and driving a significant increase in users.”
The LINE Pay-Visa co-branded credit card will also offer exclusive rewards, including the LINE Points program. Users will gain LINE Points for their spending, in combination with “My Level,” an incentive program offering bigger benefits for the most active users.
LINE currently has 168 million monthly active users in its primary markets of Taiwan, Japan, Indonesia and Thailand. In addition to payments and messaging, the company offers services such as food delivery, online video streaming and job searches.
In September, the company revealed that it was trying to raise around 148.1 billion yen ($1.33 billion) to expand into the financial services business, with an aim to issue zero coupon convertible bonds maturing in 2023 and 2025. The company said it would use the majority of the funds raised to promote LINE Pay, as well as other financial services, by the end of 2021
In addition, LINE is also reportedly talking to several companies about using the digital asset for payment services, including Line Pay, as a way to set its products and services apart from competitors, including Facebook and Snap.
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