Japan-based Mercari Group, through its payments subsidiary Merpay, has signed an agreement to acquire Origami for an undisclosed amount.
Founded in 2012, Origami introduced its mobile payment solution Origami Pay in 2016. The solution is used in stores and caters to different to industries and businesses.
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Origami partnered with Shinkin Central Bank in 2018. The alliance enabled the company to tap 256 Shinkin banks in Japan to promote cashless payments for small/medium-sized merchants.
Since November 2018, 80,000 merchants have agreed to deploy Origami Pay, noted Mercari.
Mercari mobile payment service Merpay was launched in February last year. The service offers contactless payment service iD and code payments for Mercari marketplace users.
In April last year, additional features were added to the Mercari service, including Merpay Smart Payments. This feature facilitates one payment for purchases based on users’ usage history.
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By GlobalDataFollowing the completion of the agreement, potentially next month, Origami Pay service and brand will become part of Merpay.
The integration of Merpay and Origami is intended to boost the economy scale of both companies. Also, the deal will allow the companies to cater to the emerging cashless payments market in Japan.
In a statement, Mercari said: “Mercari, Merpay, Origami, and SCB, with whom Mercari and Merpay concluded a business alliance on January 23, 2020, will aim to realize a cashless society by promoting the introduction of Merpay in small/medium-sized regional businesses.”
