October 12, 2014
Line has come up with a bold new offering – Line Pay touted as the next generation payment applications. It would enable making purchases either on mobile or PC. It will also offer P2P payments as users would be able to transfer cash to each without the need of knowing bank account information. Line pay would directly link to user’s credit card and prepaid cards as well.
Considering security of payments, Line is leaving nothing to chance. Users won’t be allowed to use their standard account password for Line Pay. iOS users will have the option of using Apple Touch ID present on compatible iDevices. Access to Line Pay would require use of separate set passwords. Accesing Line Pay from PC would require two-step authentication procedure where a password would require to be entered to the computer and a separate authorization code sent to user’s smartphone.
Here is an illustration on how the service would look like on a mobile interface:
The company is poised to take Line Pay service global in the near future. The service would be competitive on a commission basis as Line is promising the lowest rates possible. Line Pay aims to bring additional services in the future like sending money to overseas contacts and a loyalty scheme called Line Pay Points. With Line Pay, Line would be directly competing with companies like Uber.
The company has announced Line Taxi, a cab service for Line Pay users. It would enable users to call a taxi using the taxi’s official Line account. Similar to Uber, Line Taxi would use GPS to call taxi to specific location. Line Taxi will launch in Tokyo this year where the company has tied up with Nihon Kotsu, the top taxi corporation in Japan. This would enable access to around 22,000 taxis via Line Pay.