[ad_1]
PayPay is a smartphone payment service called Paytm
. It allows users to transfer money from a bank account to their PayPay wallet
. This service aims to promote cashless payments in Japan.
Noida-headquartered digital Payment company Paytm announced today (Oct. 22) that PayPay Corporation – a joint venture between SoftBank, Yahoo Japan and Paytm (One97 Communications) – has launched PayPay, a payment service on smartphone in Japan. The joint venture between the trio was created earlier in June.
PayPay is a smartphone settlement service that allows users to transfer money from a bank account into their PayPay wallet and make payments with it. It is based on Paytm's QR technology.
Ichiro Nakayama, President and CEO of PayPay Corporation, said, "Paytm is the leader in smart electronic payment services in India and is very successful. It's a great force to introduce Paytay's solution and advanced technology into PayPay and I am confident that it will greatly contribute to the expansion of users in Japan. "
PayPay's portfolio: a strategy to gain a foothold in Japan
As ] Inc42 reported earlier, SoftBank and Yahoo's client base In June 2018, the portfolio was about 40 million PayPay wallet service will now be integrated with Yahoo! Japan ID, providing existing Yahoo information Portfolio customers have the opportunity to use PayPay services in Yahoo! Japan smartphone app
As initial offer PayPay will issue an e-cash equivalent of 500 yen to each customer who downloads the application and authenticates it with a valid Japanese mobile phone number, and for sellers and establishments, PayPay will not charge any fees for payment of type "user scan" for three years until the end of September 2021.
Madhur Deora, CFO and direct vice president ur de Paytm, said: "PayPay has been developed with the collaboration of teams from three different countries. It's a real testament to us and our market-leading solutions, easy to adapt to the needs of all countries and markets. "
Opening of the Digital Payments Market in Japan [19659008] The Japanese Government is keen to reduce the country's dependence on cash and is taking steps to increase the cash-to-cash ratio to 40%. 39, here 2025, with a long-term goal of 80% According to a survey of electric vehicles, Japanese users of financial technologies are among the lowest in the world.
The digital payment market in Japan is the largest in the world. is currently raising $ 50 billion and businesses are developing payment platforms using everything from QR codes to blockchain The Financial Services Agency expects most lenders to have APIs in place open by 2020, as suggested by a Bloomberg report from April 2018.
Paytm currently claims to have a user base of more than 350 million customers and more than 9.5 million my offline roms in India. It launched its first international services in Canada in March 2017.
In Japan, Paytm will be competing with players such as Microsoft, which launched its first portfolio service in the country in April 2016, the company's largest provider. Line messaging applications, which introduced Line Pay, and the QR-based payment service of NTT Docomo.
Author
Meha holds an engineering degree and an MBA, but she has always been a writer of the heart. It's the perfect combination of his research and badytical skills and his enthusiasm for writing that has sparked his interest in writing about the ecosystem of Indian startups – the latest technologies and gadgets and start-ups -up who created them. She is always on the lookout for industry-specific stories in areas of interest such as e-commerce, financial technologies, green technologies, and more.
[ad_2]
Source link
