Japanese chat app operator Line Corp announced a tie-up with China's Tencent Holdings to offer mobile payment services, and plans to set up a bank with Mizuho Financial Group Inc, sending its shares up 13 percent on Tuesday. Japanese retailers offering Line Pay services will be able to process payments from the growing numbers of Chinese tourists using Tencent's WeChat Pay from early next year, Line said. Line also plans to establish a bank with Mizuho Financial Group Inc, a source with direct knowledge told Reuters, declining to be identified because the plan is not yet public.
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