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October 22, 2018

Paytm introduces QR-based payment service in Japan

One 97 Communications-backed Paytm has launched a new smartphone payment settlement service in Japan called PayPay, in association with SoftBank and Yahoo Japan.

The move marks Paytm’s foray into Japan. The service also results in the elimination of Yahoo Japan’s existing smartphone settlement function Yahoo! Wallet.

The new service will enable users to carry out transactions by storing money from a bank account in their PayPay wallet.

“Incepted in October 2018, PayPay aims to promote the broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores,” Paytm said in a blog post.

Initially, users downloading the app and authenticating it with a valid Japanese mobile number will get electronic money equivalent to JPY500 ($4.43).

The service, which is powered by Paytm’s QR technology, will also forego fees for user scan type settlement until September 2021.

Paytm CFO and senior vice president Madhur Deora said: “PayPay was developed with teams from three different countries working together, it is a true testimony for us and our industry-leading solutions that can be easily ported to suit the needs of any country or market.”

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