PayPay will team up with India’s largest digital payments company, Paytm
A great opportunity to bring out e-wallet service in japan has been successfully grabbed by Paytm with a smart move to boom-in the market. With all set for arrival Paytm partners with Softbank to launch E-wallet in Japan.
SoftBank Group Corp is partnering with Paytm to start a payments service or mobile based e-wallet in Japan. The service PayPal is about to launch by a joint venture with Yahoo Japan Corp.
SoftBank Chief Masayoshi Son seeks to expand the company’s presence in the sector. Consequently, Paytm tied-up with Softbank to launch the digital wallet company, PayPay. It will provide smartphone payments service using barcodes in fall 2018 and will leverage Paytm’s payment technology for the same.
How it all works
Firstly, the digital payments app Paytm launched its services in Canada last year. Likewise, it is now set to launch its services in Japan. This is to mainly provide highly convenient services to both consumers and affiliated stores. Furthermore, to promote cashless payment in Japan to some extent.
PayPay Corporation, SoftBank, Yahoo Japan, and Paytm is about to expand the customer base of SoftBank and Yahoo! Wallet, which comprises approximately 40 million accounts.
Instant-messaging platform Line Corp and e-commerce platform Mercari Inc are the two platforms which offer the digital payment service in Japan. This company partnership duo-Softbank and Paytm use artificial intelligence for mobile payments and other financial services.
With this foray, Paytm could expand its payments system to add financial services such as lending and insurance. As a result, this will take technology to a new level.
Mobile platform to Fintech Corp
One97 Communications Ltd, which owns the Paytm brand, raised $1.4 billion from SoftBank last year in exchange for a 20 percent stake. In the past few years, the Indian-based mobile wallet platform has evolved into a fintech platform in the past. Probably, the expansion of its service overseas will serve as an opportunity to provide complete fintech solution to its users.
This will increase the number of users and also the revenue of PayPay with varied elements clutched into the Project.