2019.06.27 LINE Pay
• Innovative credit card perfect for mobile payments, with high reward point rate of 3% for the first year
• Special card design for the Tokyo 2020 Olympics also announced
TOKYO – June 27, 2019 –Visa World Wide Japan Co. Ltd. (“Visa”) has announced that the company agreed upon an issuance of the new credit card through collaboration with Orient Corporation (“Orico”), and LINE Pay Corporation (“LINE Pay”).
The card holders will be offered a high reward point rate and enjoy safe, secure and frictionless payments at home and abroad using Visa contactless payment*.
With the issuing of this card, Visa, Orico, and LINE Pay will provide all-new credit card services and contribute to establishing a cashless society in Japan. More details on the new card will be announced once applications open to new customers.
*Note: Visa contactless payments ensure speed, convenience and security. Customers can make payments simply by tapping on a terminal at checkout. (Transactions over a certain amount will require inserting the card into the payment terminal and entering a PIN or providing a signature.)
Overview of the new credit card (tentative)
International card brand: Visa
Annual fee: Free for the first year (fee for second year and onwards also waived if the card is used at least once during the year)
*Annual fee is JPY 1,250 (excluding tax) if the card is not used at least once during the year.
Reward point rate: 3.0% for the first year
• Users receive an instant notification on the LINE app when a payment is made
• Linking the card to LINE Pay will enable mobile payments
• Visa contactless payment is available
Preregistration (tentative): From August 2019 on the LINE Pay platform
Special Tokyo 2020 Olympics design (images are for reference only)
As an exclusive payment technology sponsor, Visa’s card service will be offered as the single payment solution for the Tokyo 2020 Olympics. Commemorating the event, the red, limited-edition design, inspired by the Japanese flag, will be issued through collaboration with Orico and LINE Pay, giving an upscale feel to a new-generation credit card that has been optimized for mobile payments. Applications will be accepted only on LINE Pay.
Visa is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable and secure payment network—enabling individuals, businesses and economies to thrive. Its advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce.
About Orient Corporation
Orico has a network of 113 branches and 810,000* merchants across all 47 prefectures in Japan, with 10.94* million credit card holders. Alongside its core businesses of auto loans, shopping credit, credit cards, and guarantee business for financial institutions, the company also offers various payment products and services across a wide range of areas, such as e-commerce payment solutions and payment acceptance services.
In its credit card business, the company has released its own “Orico Card THE POINT” card, and also partnered with other Japanese companies to issue cards with distinctive features sure to please customers.
Orico will continue its efforts to provide products and services for an even greater number of customers in the future.
*As of end of March 2019
About LINE Pay Corporation
Under LINE’s corporate mission of “Closing the Distance”, LINE Pay Corporation thrives to close the distance between people, businesses and money, and seamlessly connect them to eliminate frictions. Since launching its mobile money transfer and digital wallet service LINE Pay in December 2014 on the LINE app, approximately 36 million users in Japan–globally over 48 million including users in other markets such as Taiwan and Thailand– have registered for the service. Leveraging LINE’s sophisticated security know-how developed over years of operating the LINE app, LINE Pay Corporation offers users more innovative, accessible Fintech services.
*See LINE Pay’s official website for more details: https://linepaycorp.com/ja/ (Japanese only)