The popular messaging application in Asia, Line, is slated to explore the world of financial technology and payments. The company’s founder, Shin Jungho, plans to make investments in the financial sector and to enhance the company’s use of artificial intelligence. To further their reach, the messaging application company plans to work with notable companies in the field, namely Mizuho Financial Group and Nomura.
Communication Boost
Line is primarily known for its messaging service, typically used around Asian countries such as Japan, Indonesia, Taiwan, and Thailand, garnering around 164 million users. According to Financial Times, the app is widely known for its quirky and cute stickers and characters, with Brown the bear taking center stage
Apart from being used for communication purposes, WARC notes that users also use this technology to play games, make online payments, buy insurance, and even look for prospective jobs. However, WARC states that it appears that the company is lagging behind big names in the industry such as WhatsApp and Tencent’s WeChat, with both applications being used by more than 1 billion users from around the globe.
Mobile Payment System
Following this news, Shin Jungho plans to take the company to new heights by diversifying its offerings. In 2018, Financial Times reports that Line is slated to invest in financial technology businesses as well as exploring the use of artificial intelligence systems.
To help improve the company’s coverage, Line will be offering Line Pay, a mobile payment system. The new offering is garnering strong support from the Japanese government, particularly with the country’s plan to boost the use of cashless payments come 2025.
Associated Risks
While the messaging app’s founder is positive, there are sceptics who pose that operating expenses will only rise and those who think that the company will become obsolete in the long run. However, Shin Jungho is confident that it can deliver innovations that will help change the game.
