With a view to expand its digital payments portfolio in Japan, Indian payments company Paytm is collaborating with PayPay, SoftBank and Yahoo Japan’s newly launched digital payments company.
PayPay Corporation, which was established in June 2018, will offer smartphone payment services using barcodes (QR Codes). PayPay aims to leverage Paytm’s technology and expertise in mobile payments. The services will be launched in the fall of 2018.
Inc42 had earlier reported that SoftBank and Paytm are collaborating to launch a mobile digital payments service in Japan by the end of 2018 as SoftBank chief Masayoshi Son seeks to expand the company’s presence in the sector.
The Japanese government wants to reduce the country’s dependence on cash and is taking measures to raise the cashless payment ratio to 40% by 2025, with a long-term goal of 80%.
PayPay will promote cashless payments in Japan and provide highly convenient services to both consumers and affiliated stores.
SoftBank, Yahoo Japan, and Paytm want PayPay to become the top provider of smartphone payment services in terms of the number of users as well as affiliated stores.