Paytm's Tech to Power SoftBank's Mobile Payments Service in Japan

Paytm's Tech to Power SoftBank's Mobile Payments Service in Japan
  • New smartphone-based payment service will be named PayPay
  • It will be a joint venture between SoftBank and Yahoo Japan
  • PayPay is planned to launch in fall 2018

SoftBank has announced that it will leverage the technology of India-based digital payments company Paytm in a new mobile payments service it is launching. The new smartphone-based payment service, named PayPay, will be a joint venture between SoftBank and Yahoo Japan. It will be centred around QR codes and is planned to launch in fall 2018. PayPay will allow users to make payments using credit cards as well as electronic money. SoftBank Vision Fund is a major investor in Paytm, which leads the digital payments market in India.

In a press release, SoftBank said it aims to "promote the broader use of cashless payment" with PayPay and will "provide highly convenient services to both consumers and affiliated stores." Cash is still the preferred mode of payments in Japan, but the government is said to be making efforts to make 40 percent of the payments cashless by 2025.

SoftBank said in its statement, "PayPay Corporation, SoftBank, Yahoo Japan and Paytm will expand the number of users by including the customer base of SoftBank, and Yahoo Wallet, which comprises approximately 40 million accounts. They will also deploy the platform using SoftBank's sales know-how, and develop a tailored service offering leveraging Paytm's technology. Their aim is for PayPay to become the top provider of smartphone payment services in terms of the number of users as well as affiliated stores."

The PayPay app launch will see the Yahoo Wallet's smartphone settlement feature will be terminated, though the termination date has not yet been decided. The new payments service will be integrated with the Yahoo Japan ID, and the Yahoo Japan app will have PayPay integration as well. SoftBank aims to roll out the service to a wide range of stores across the country, including large chains to individual merchants.

© Thomson Reuters 2018

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: PayPay, Paytm, SoftBank
Oppo Find X Seen to Fail Bend Test, With Display Cracking
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »