Visa has inked a deal with LINE, Japan’s answer to WhatsApp, expanding their existing relationship. The crux of the agreement is that all of LINE’s 187 million users globally will be able to apply in-app for Visa cards. The blockchain angle is that LINE Pay and Visa plan to use blockchain for B2B and cross border payments.
Visa, in its push to compete with SWIFT, already has its enterprise blockchain B2B Connect platform which targets high-value corporate payments which it has been working on since 2016.
The payment company seems to be driving blockchain-based cross-border payments as a big part of its up and coming offerings. This deal with LINE corroborates the fact, as well as their recent acquisition of UK-based Earthport to expand its cross border payment reach.
Visa is also at the forefront of Coinbase’s cryptocurrency card offering as they helped the exchange roll out debit cards to UK-based customers.
Burgeoning Blockchain businesses
Both Visa, and LINE, are actively involved in blockchain with the Japanese messaging app last year unveiling its blockchain called LINK chain, where the LINK token is primarily used for rewards.
LINE, as a primary business, is expanding rapidly. In 2018 revenues of Yen 207 billion ($1.9 billion), up 24 percent from 2017, were reported. It is thus unsurprising that the company is looking to future growth patterns and integrating cryptocurrency and blockchain into its model. This is something that is also expected to happen with Facebook-owned messaging app, Whatsapp.
Visa’s B2B Connect is also big business with the payment company forming a partnership with IBM to integrate Hyperledger Fabric for this product.
“As part of the B2B Connect platform, Visa is integrating open source Hyperledger Fabric framework from Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable,…