PayPay Corporation, a joint venture created by SoftBank Corp. and Yahoo Japan Corporation, announced on Monday it will launch “PayPay” smartphone payment services using barcodes (QR code) this upcoming fall. PayPay Corporation reported it will team up with India’s largest digital payment company Paytm, a SoftBank Vision Fund portfolio company, to utilize Paytm’s technology and expertise in mobile payments.
SoftBank and Yahoo Japan reportedly established PayPay Corporation in June 2018 and will launch its user-oriented payments platform in the fall. The duo noted that the platform will promote the broader use of cashless payment in Japan and provide highly convenient services to both consumers and affiliated stores. Paytm leads the digital payments ecosystem in India and has pioneered the use of Barcode (QR)-based technology, offering seamless mobile payments to over 300 million customers and 8 million merchants.
“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 companies went on to add that with the launch of “PayPay,” Yahoo Japan will terminate “Yahoo! Wallet’s” current smartphone settlement function (termination date has not been decided). The “PayPay” platform will be seamlessly integrated with Yahoo! JAPAN ID, giving existing “Yahoo! Wallet” customers the option to use PayPay functions within Yahoo! JAPAN’s smartphone application.