[Japan]LINE Adds Financial Gateway Service "LINE Wallet" to LINE App

2018.03.07 ALL

● A full-featured service with LINE Pay features at its core
● Reinforcing the FinTech business in order to promote a cashless and walletless society

TOKYO – March 7, 2018 – LINE Corporation launched its "LINE Wallet" service today in its LINE messaging app to users in Japan.*
* LINE Wallet will only be displayed on Android OS or iOS (iPad is not supported) devices that have installed LINE ver. 8.3.0 or higher.

LINE has adopted an all-encompassing "Smart Portal" strategy to make the LINE app into a gateway for people's lives to seamlessly connect all types of people, information, content, and services – whether online or offline – whenever, wherever, and as close as they want to be. In January of this year, LINE established "LINE Financial Corporation" to drive further enhancements in the financial sector, in addition to creating and providing revolutionary financial services. LINE is moving forward with its preparations to provide users with various financial services through LINE, including virtual currency trading and an exchange, loans, and insurance. Moreover, LINE Pay – a mobile money transfer and payment service – continues to expand, surpassing JPY 450 billion in global annual transactions and achieving 40 million registered users last year.

As a cashless and walletless society increasingly becomes the norm across the globe, and in response to requests from LINE Pay users asking for ways to reduce the inconveniences of cash transactions both in terms of time and effort, LINE has completely overhauled the LINE app's More tab and launched LINE Wallet so that the LINE app can serve as an all-encompassing monetary gateway for purchases, payments, and more – whether online or off. The Wallet tab – identified by a wallet icon – is being fully positioned as the place for all of the payment services available in the LINE app, with LINE Pay making up its core. "Add friends" and "Settings" have been moved from the More tab to the top of the Friends tab.

LINE Wallet is made up of the various LINE Pay services and allows users to more smoothly make money transfers and payments. LINE Pay Barcode Payment, a new service launched on March 6 that allows users to make payments by scanning the barcode located on an invoice, can also be found in LINE Wallet. Since the LINE Pay balance, LINE Points, LINE Coins, and other forms of value issued by LINE are all brought together under LINE Wallet, this will simplify management for users, in addition to making it easier to find great coupons through the added Recommended coupons list. In the future, LINE's goal is for LINE Wallet to act as a smartphone-based "wallet" that serves as a gateway for all forms of monetary transactions, including the comprehensive management of shop and restaurant loyalty cards and coupons.

LINE is positioning LINE Wallet as a financial services gateway, and is committed to reinforcing and expanding the FinTech sector, all the while continuing to bring people closer to their money and services. Going forward, LINE will continue to evolve through its LINE messaging app to not only become an even more convenient communication tool, but also to further enrich people's lives.

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