A joint venture (JV) of SoftBank and Yahoo Japan is set to launch smartphone payment services called PayPay in Japan in the end of 2018.

The JV, called PayPay Corporation, was formed last month. The JV will also partner with Indian digital payment company Paytm to leverage its technological know-how in mobile payments.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The new payment service will utilise barcodes (QR code) to enable mobile payments.

Currently, the cashless payment ratio to conventional methods is around 20% in Japan. The national government aims to increase the cashless payment ratio to 40% by 2025, and to 80% in the long-term.

The new payments service is expected to increase transaction convenience for consumers as well as for affiliated stores.

Following the launch, all the associated parties will work to increase the number of users by including the customer base of SoftBank as well as ‘Yahoo! Wallet’ that includes around 40 million accounts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, the PayPay platform will be integrated with Yahoo! JAPAN ID, enabling Yahoo! Wallet customers to utilise the new service within Yahoo! JAPAN’s smartphone app.

As the service will be in the user-oriented code-reading format, merchants are required to display the unique code that needs to be scanned to process payments.

The service, requiring minimal set-up, is expected to be cost-effective for merchants.