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Mobile Payments

Line messaging app expands into digital payments and fintech

Wednesday 3 April 2019 | 12:33 PM CET

Line messaging app has decided to expand its business into digital payments and other fintech services.

As it has been revealed, Line, a well-known messaging app in Asia, is also planning to go in for digital payments and other fintech services. Such a move is explained by the company’s desire to avoid any stagnation or complacency that are quite typical for social media giants today.

At the current moment, Line can boast approximately 164 million active users per month in its main markets including Japan, Taiwan, Thailand and Indonesia. In 2018, the company disclosed its plans to allocate funds for making investments in financial services and artificial intelligence. It has also managed to enter in partnerships with Mizuho Financial Group and Nomura.

Line’s app is particularly well-known in Japan. But consumers there use the app not only for communication but for playing games, making payments, searching for jobs and purchasing insurance as well. Moreover, Line has plans to enter new markets outside Asia and to become a global company

Line Pay, the mobile payment service, is expected to help increase the volumes of cashless payment in Japan, as it is required by country’s plan to double these figures.

More: Link
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