Visa Inc. (V - Free Report) announces collaboration with LINE Pay Corporation, operator of digital wallet and fintech services on the LINE messaging app to offer payments services via mobile phones.
This agreement will allow LINE's 187 million global monthly active users to apply for a digital Visa card from within the LINE app. The users can also get additional and enhanced experiences like integrated loyalty programs and tailored offers and new payment capabilities on overseas travel.
Through Visa, LINE Pay consumers will be able to take advantage of LINE Pay offers and services at Visa’s 54 million merchant locations worldwide.
The two companies will develop new experiences based on blockchain that enable B2B and cross-border payments and alternative currency transactions.
Visa has targeted LINE as messaging apps are one of the fastest growing frontiers in digital commerce driven by consumers’ growing preference and ease to reach for payments and other services via their handheld.
Consumers find comfort in streamlining their financial tasks like transfer money, make an online purchase, pay bills, book travel, and order food from a single app.
This new partnership strengthens the existing relationship between Visa and LINE Pay which offers co-branded LINE Pay Visa cards in Taiwan, where it serves nearly 2.3 million consumers and the same will be launched later this year in Japan.
The recent tie up is in line with the company’s long-term strategy – boosting payment acceptance technologies and increasing usage across its digital platforms. It intends to maintain its leading position in the payments market, which includes the likes of Mastercard Inc. (MA - Free Report) , American Express Co. (AXP - Free Report) and Global Payments Inc. (GPN - Free Report) .
The company’s VisaNet, Visa Token Service, Visa Direct, Visa Checkout are some of the platforms that have been developed in the recent years to strengthen its digital platform. Visa is also pushing technologies, including contactless and scan-to-pay, blockchain, mobile, which should be one of the main modes of payments in the near future.
In a year’s time, the stock has gained 24% compared with the industry’s growth of 14.8%. Visa’s strong fundamentals are expected to aid its stock price, going forward.
Visa carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>