Paytm’s QR Technology now Powers Japan’s New “PayPay” QR-based Settlement Service

Paytm announced that “PayPay” corporation, a joint venture between SoftBank Corp. (“SoftBank”), Yahoo Japan Corporation (“Yahoo Japan”) and Paytm (One97 Communications) has launched PayPay, a smartphone-based settlement service in Japan. PayPay Corporation has teamed up with India’s largest digital payments company, “Paytm”, whose technology and payments wisdom has been the foundation for building this solution.

“PayPay” a feature rich smartphone-based settlement service that allows users to store money from a bank account in their “PayPay” wallet and make payments with it. 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.

It is built around the QR-technology from “Paytm”, which leads the digital payments ecosystem and has pioneered the QR based technology, offering seamless mobile payments to over 350 million customers and over 9.5 million offline merchants.

With its launch, “PayPay”, has also announced an exciting proposition for its users and will be giving electronic money equivalent to 500 Yen to each customer downloading the application and authenticating it with a valid Japanese mobile number. In addition, for sellers and establishments, “PayPay” will not be charging any fee for “user scan” type settlement for three years till the end of September 2021.

Madhur Deora, CFO & SVP – Paytm said, “We are happy that the PayPay Corporation is utilizing our QR-technology and prowess to enable cashless payments in Japan. We are sure that this will give substantial growth to their business as they provide personalized and seamless digital payments experience to their customers. 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.”

Ichiro Nakayama, President & Representative Director CEO – PayPay Corporation said, “Paytm is the leader in smart electronic payment services in India and has achieved great success. It is a great strength to introduce Paytm’s high technology and solution to PayPay and I am confident that it will greatly contribute to the expansion of users in Japan. “