Japan is already far ahead of other markets in
alternative payments. Now Japan’s Softbank has confirmed it is
working with PayPal to revolutionise the local payments sector
further.
The joint venture is called PayPal Japan and
will be marketed to consumers and merchants as a “premier digital
wallet online, mobile and offline transactions,” Softbank said.
Go deeper with GlobalData
The joint venture will be supported by
Softbank’s deployment of PayPal’s card acceptance and payments
product for mobile handsets, PayPal Here.
Softbank and PayPal will both invest a total
of USD25m in the joint venture and designate three directors
each.
The senior vice-president and director of
Softbank Mobile, Hiroaki Kitano, has been named CEO of PayPal
Japan.
Masayoshi Son, chairman and CEO of Softbank,
said that PayPal Here is has “great growth potential” in Japan.
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.
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 GlobalDataAccording to Softbank, the Japanese retail
commerce market was worth USD1.7tr in 2011 and the 4.7m small
businesses account for a whopping 99% of all businesses in the
country. They also cover 70% of all employment in Japan.
PayPal moves further into
brick-and-mortar world
Japan is now the fifth country to deploy
PayPal’s brick-and-mortar mobile payments card reader – although
the device looks nothing like a traditional one: The card reader is
the size of a thumb and accepts payments with the swipe of a
card.
Alternatively, merchants can process payments
by scanning cards and cheques using their phone’s camera, or by
manually entering card information into the app.
PayPal Here is already in use in the US,
Canada, Hong Kong and Australia.
“Our Softbank partnership and launch of PayPal
Here will make it easier for millions of merchants in Japan to grow
their businesses and for consumers to easily pay anytime,
anywhere,” said Mr. John Donahoe, president and CEO of eBay.
“We believe shopping and paying should be
easy, and we’re excited to partner with SOFTBANK to bring payments
innovation to Japan and revolutionise commerce.”
