Japan-based chat app operator Line has upped the stakes in its crypto business again by combining its Line Point Club rewards program with its link (LN) cryptoasset – allowing earners to trade in their points for link tokens.
The new program, which launched this week, will make use of the firm’s Line Pay e-pay service – with customers reimbursed in December for their November purchases.
The operator said, in a press release, that Line Pay customers who make purchases from partner companies Uber Eats, AirTrip, Kappa Sushi, eyewear brand JINS, Trip.com and the budget airline Peach Aviation will receive an immediate discount of 1% off their purchases, with 9% of the total amount spent returned as LINK Rewards which “can be converted into Line’s own cryptoasset, link.
Link is listed on Line’s own crypto exchange, Bitmax, which is accessible in Japan via the Line chat app interface. The operator claims that some 81m Japanese users access the chat app regularly.
Japanese law requires that all cryptoassets must be approved for listing by the chief financial regulatory body, the Financial Services Agency.
And after a long application process, Line finally gained approval earlier this year – claiming instant success in the days after it listed the token on its platform.
However, the firm has indicated that it is keen to step up its crypto business operations, with further Line Pay tie-ins likely to follow in the months ahead.
The company added that “going forward, LINE Pay will continue to lead the mobile payment field in a cashless and wallet-less society by eliminating obstacles such as time, effort and fees associated with the circulation of money, bringing people closer to money and services.”