● Online identity verification (eKYC) technology that utilizes facial recognition

● Serves as an additional option to the existing method of linking bank accounts, enabling users to start moving funds quicker

 

TOKYO – April 24, 2019 – LINE Pay Corporation ("LINE Pay"), operator of the LINE Pay digital wallet service on the LINE messaging app (https://line.me/en/pay), announces the upcoming release of its online identity verification service, LINE Pay eKYC. Scheduled to launch in early May, the service requires only a smartphone and an ID—offering users an easy way to complete the entire verification process (as stipulated by Japanese law under the Act on Prevention of Transfer of Criminal Proceeds) from within the LINE app, and start sending and withdrawing funds immediately.

 

Currently, the LINE Pay service offers two types of accounts for users: the LINE Cash account, which lets users top up their balance to make payments and does not require identity verification, and the LINE Money account, which requires identity verification and allows users to move their funds. By verifying their identity and converting to a LINE Cash account, users can enjoy more LINE Pay features, including raising their top-up limit from JPY 100,000 to JPY 1 million, and being able to send money to friends, transfer funds from their LINE Pay account to their bank account, or withdraw from an ATM.

 

Up until now, LINE Pay users could only verify their identities by linking their bank account to their LINE Pay account. Starting the process from within the LINE app would take users to their financial institution's website, where they would enter their information as per their bank’s security policy. While this method allowed for easy deposits and withdrawals from LINE Pay accounts, having the process handled entirely by the financial institution side entailed time and effort and made it difficult to provide a consistent user experience.

 

The release of LINE Pay eKYC comes on the back of the November 2018 amendment to the implementation regulations of the Act on Prevention of Transfer of Criminal Proceeds, which now permits identity authentication processes to be completed entirely online (eKYC). To verify their identity with LINE Pay eKYC, users simply open their LINE app, enter the required information, and upload a photograph of their ID. Users then follow the on-screen instructions and take a photograph of themselves holding their ID next to their face. Once submitted, LINE Pay will cross-check the data with identity verification documents and complete the process in as little as a few minutes. LINE characters will also be there to help users along, adding a touch of fun to the process. Additionally, LINE Pay eKYC supports many types of identification such as driver's licenses, driving experience certificates, passports issued in Japan, residence cards (for non-Japanese), special permanent residence certificates, and My Number Cards, making it extremely convenient and easy to use. It is a more intuitive and simpler authentication process than the current method of linking a bank account, and will have users ready to use LINE Pay's convenient money transfer and withdrawal functions in the blink of an eye.*

^{*LINE Pay eKYC will be available on LINE versions 9.6.5 or later for iPhone, and 9.7.0 or later for Android.}

 

Along with the launch of LINE Pay eKYC, identity verification will also be possible by post, with more methods coming in future. After selecting the postal option from within the LINE app, users will be sent a postcard by registered mail. Upon receiving the postcard, the identity verification process will be complete. As a result, users will have three options for authenticating their identities: (1) by linking their bank account to their LINE Pay account, (2) through LINE Pay eKYC, or (3) by post.

 

In bringing its online identity verification service (eKYC) to life, LINE Pay utilized NEC Corporation’s authentication solution Digital KYC. Compliant with the Act on Prevention of Transfer of Criminal Proceeds’ amendment, as well as the FIDO Alliance’s biometrics standards, Digital KYC allows businesses to launch fast and secure online identity verification services. Offering the world's best facial recognition technology for comparing face photographs and ID photos, the service also guards against identity fraud.

 

For more information about Digital KYC from NEC Corporation: https://jpn.nec.com/fintech/kyc/index.html (Japanese)

 

In future, LINE Pay will also introduce LINE Pay eKYC into the LINE Group's other financial services. And, while initially only available to the LINE app's 79 million domestic MAU, the company also plans to go beyond LINE and offer the service to other corporations. By offering a simpler, effective, and more secure way for users to verify their identity and safely use financial services, LINE Pay aims to eliminate the hassle and burden of the authentication process for both users and service providers.

 

How to use LINE Pay eKYC

① Open the LINE app, and tap on Settings in the main menu. Then tap Verify Identity, followed by Verify Identity Online.

② Enter the required information and choose which form of identification to submit.

③ Take a photograph of the front and back of the ID, and upload.

④ Make sure your face is inside the green frame, and follow the LINE character's instructions.

⑤ Check your face photograph against the photo in your ID.

⑥ Upload the photograph, and you're done!

LINE Pay closes the distance between people, money, and services by eliminating existing pain-points – time, effort, fees, and more – of circulating money. The company also aims to lead the mobile FinTech industry as the world moves increasingly towards a cashless and walletless society.

 

LINE Pay Corporation Overview (as of April 2019)

Company name: LINE Pay Corporation

Head office: Sumitomo Fudosan Osaki Garden Tower 22F, 1-1-1 Nishishinagawa, Shinagawa-ku, Tokyo

Representative: Yongsu Ko, Representative Director and Chief Executive Officer

Capital: JPY 13.6 billion

Established: May 9, 2014

Primary business:

- Issuance, sales, and management of e-money, other electronic monetary value, and advance payment methods, provision of digital payment systems, and funds transfer

- Sales and operation of LINE@

- Operation of LINE Kakeibo

- Service development

- Advertising agency

 

LINE Pay Corporation is a registered member of the following organization and has obtained the following registrations in association with the launch of its business:

- Issuers of Prepaid Payment Instruments for Third-Party Business (Registration number: Director of the Kanto Finance Bureau 00669, Registration date: October 1, 2014)

- Funds Transfer Service Providers (Registration number: Director of the Kanto Finance Bureau 00036, Registration date: October 1, 2014)

- Japan Payment Service Association (http://www.s-kessai.jp, Admission date: August 6, 2014)

- Electronic Payment Service Provider (Registration number: Director of the Kanto Finance Bureau [Electronic Payment Service Provider] No. 10, Registration date: December 20, 2018)

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