Paytm launches mobile payments service ‘PayPay’ in Japan
today Oct 22, 2018
One97 Communications, which owns and operates mobile payments firm Paytm, has collaborated with SoftBank Corp and Yahoo Japan Corporation to launch mobile payments service ‘PayPay’ in Japan.
The payments service will help users top up their PayPay wallet from banks and make payments with it.
With PayPay, Paytm has entered the Japanese’s market which is the company’s second international entry after Canada. Last year the company had launched its payment services in Canada.
“It is a great strength to introduce Paytm’s high technology and solution to PayPay and I am confident that it will greatly contribute to the expansion of users in Japan,”said Ichiro Nakayama, president, and representative director CEO at PayPay Corporation.
Madhur Deora, chief financial officer, and senior vice president at Paytm added, “We are happy that the PayPay Corporation is utilizing our QR-technology and prowess to enable cashless payments in Japan. We are sure that this will give substantial growth to their business... PayPay was developed with teams from three different countries working together.”
PayPay aims to promote the use of cashless payment in Japan and provide services to consumers and affiliated stores. For the first three years, PayPay has said, it will not charge any fees to sellers for its payment services to promote the usage of its payment app.
The company will also be offering cashbacks up to 500 yen to lure customers into downloading the app.
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