Line Pay Corporation partners with VISA!

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The operator of Japan’s famous messaging app LINE, Line Pay has recently partnered with VISA to bring new blockchain solutions, contactless payments, and a pre-paid digital visa card. Line says that with this new partnership, they will be able to reach 187 million people around the world.

This recently announced partnership will open the gates of 54 million VISA merchants for Line Pay users! That way Line hopes to expand their services in the world. Currently, Line claims that they have 80 million users only in Japan. Additionally, this new feature will allow users to apply for a virtual VISA card, which they will be able use even if the merchant doesn’t use Line Pay.

Moreover, the two companies will work on a new blockchain-powered fintech solution for business-to-business and cross-border payments.

“With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network,” said Youngsu Ko, the CEO of LINE Pay

Line set out to Compete with Apple Pay and Google Pay

At the moment, Line Pay also has an option to add a VISA card, but in order to use this service, customers need to visit places where the merchant accepts Line Pay as well. As you can understand, this made it useless for Line customers to use this service outside of Japan.

However, with this new partnership, Line Pay hopes to expand to a much wider audience. And VISA can provide this audience. In addition to this, Line Pay enters quite a competitive market which is currently owned by Google Pay and Apple Pay. Nevertheless, Line is popular among Japanese people, and this new feature will allow all the Japanese people to make payments with Line Pay anywhere in the world where VISA is accepted.

Line Also has its own Cryptocurrency

Line issued its own cryptocurrency called LINK during the end of summer 2018, September. When it was released, it immediately got listed on its digital asset exchange BitBox which they also launched in the summer of 2018, June. An interesting aspect was that they chose not to conduct an ICO, but utilized an airdrop instead. This was done in order to give Line users LINK cryptocurrency as compensation for utilizing products within the Line ecosystem.

Since Line and Line Pay is so tied with cryptocurrencies and now their new partnership includes the development of new digital payments and blockchain solutions systems, we can only guess what will happen with the cryptocurrency aspect of Line Corporation, since one of their main goals is to include alternative currency cross-border transactions along with blockchain solutions. 

Source:

https://techcrunch.com/2019/06/06/line-visa-mobile-payment/
https://www.digitaltrends.com/mobile/line-pay-visa-payment-news/
https://www.coindesk.com/visa-and-app-provider-line-pay-to-use-blockchain-in-new-fintech-offerings

Photo by Flickr.com

Review: Billfodl Recovery Seed

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What is Billfodl?

BillFodl is a specialized product designed to keep your recovery seeds safe and secure. The demand for these devices slowly increases as more and more people start to realize the importance of a safely stored recovery seed. It is meant to replace the little paper that Hardware/Software wallet issuers tell you to write the 12–24 letter seed on and make it secure as possible. There are many types of these devices. We have already reviewed the CryptoTag in the past which is similar. However, CryptoTag comes along with a little satisfactory hard labor. If you want to find out more about it — our friends at CryptoAuthority  reviewed it here. The Billfold has taken a completely different approach to store your recovery seed and here it is…

First impressions?

When I first received the package, I was surprised about the weird sound of screws jumping inside. My first thought was — “Oh God, please don’t tell me I will have to assemble device on my own”. When I opened the packaging, first I actually saw screws in front of me, so I actually thought for a second that I’ll have to do it, but those screws actually were for the plastic socket mount. This socket mount is meant for extra security measures. It turns out, as some of my friends were pointing out — that you can put the BillFodl metal device in it, and mount it to a secret wall, painting or anywhere else you can think of.

Is it easy to use?

So about the product itself. It took me about 5–10 minutes and eventually the video instruction as well on how to use it. This is all because I never had held such a device in my hands and got a little bit confused on how to use it. Along with the device came a separate box where all the letters and numbers were put in alphabetical order on small little metal tiles. I remember I was looking at the box and thinking to myself — “Should I really break up the box and see what’s inside or this is meant to make screw noises as an accessory…?” Eventually, I tore the little letter boxes apart and found the small tiles. Then the whole picture became much brighter to me and I understood how the whole device works.

The application process is kind of time-consuming. One of the main reasons being that I am a person with quite large hands and fingers, so I struggled in getting those tiny tiles out of their socket. Also, another quite confusing side of the seed application process is the fact that you only need the first four letters of a seed word. That seemed a little odd, because, at first, I thought — how in the right mind am I going to remember which exact word was the right one for my seed. But later, going through the BillFodl FAQ, I quickly realized that there is an exact amount of seed words available and that there simply cannot be such a situation where there are two different words with the same first four letters.

Reusable, but quite easy accessable

From the pictures, you can see that there are a lot of letters, most of which will remain unused at the end. The problem with this is that as you can see from the pictures, I had to tear the paper pockets that the letters were held in…so what do I do with all the extra letters now…where do I store them? Ideally, I would throw them out, I don’t need them… but the device is reusable, I can take the letters out of the Billfodl and place other ones in the future but if I throw the letters out I can’t…

Alright, back to the seed application process. So when I finished assembling my recovery seed words, I locked the small lever and started playing with the device. I closed it, I opened it. I closed it again and opened it once again. Then I realized that if somebody got hold of my BillFodl device, it wouldn’t take him even a minute to realize how to open it. Of course, later, those exact friends who gave me advice about the mounting plastic, told that the upper hole in the device itself can be used as a place for a locked. Ok, that seems fair, but again — I have to purchase the locker. And the locker itself as well isn’t quite the security, as you can easily cut it.

Also, another thing — when you put the device in the plastic socket, the socket reveals almost 15% of the device, so once found, it is clear that something worthy is inside.

What’s good about the device?

  • It works as a fidget spinner-The device itself feels like an iPhone without a case. You know you like to shuffle your iPhone in your hands and you could do it all day if you could. Well with BillFodl it’s quite the same. The device is very satisfactory to hold and to mingle in your hands. The sharp edges and the stainless steel heavy body feels like I’m actually holding a little version of my own bank in my hands.
  • It’s Fireproof-There have been stories of people recovery seed papers get burnt in a situation when your house, car, desk or anything else experience an unexpected fire.
  • It’s Waterproof-The device could be placed outside, where rain can get to it, and it’ll be fine. It is composed of the highest quality marine grade 316 stainless steel. That means that the device is completely rust-proof and as BillFodl themselves describe this feature — you could hold your device in the bottom of the ocean and nothing would happen to it.
  • It’s Shockproof-This means that it can handle millions of volts of electricity. Whether those are solar spots, a nuclear strike, or a microwave bomb. I cannot imagine a situation like that near me in the upcoming years or even decades, but it is great that BillFodl has put in some extra thought about the occurrences that could potentially happen with our devices.

Conclusion

The demand for such devices will only increase as the level of fear rises along with the amount of funds you keep in your cold storage. The more money you have, the more you are going to consider different security measures. And a piece of paper definitely won’t do the job. Some might say — “If you feel like you could lose your piece of paper, why not tattoo it on your body, that way you’ll never lose it”, I say — God no! For just as little as $100, you can secure your recovery seed in BillFodl’s device and all your problems will fade away. Of course, the seed is quite easily accessible once found by a potential thief — but that doesn’t mean that your funds might get stolen. The thief has to figure out which wallet service do you use and go through a pretty harsh process to actually identify what that is and what for it is. Of course, if the thief is not a cryptocurrency enthusiast. Then it’s different. All-in-all, a very cool looking, purposeful device which will help you to take care of your funds as if you were the actual bank for yourself.

Rating: 7/10

Reviewed by Janis Rijnieks

This review was done in cooperation with our partners at CryptoAuthority.