Paytm, India’s largest payments company today announced that its Japanese smartphone-based payment settlement service PayPay, a joint venture between SoftBank Corp.(“SoftBank”), Yahoo Japan Corporation (“Yahoo Japan”) and Paytm (One97 Communications) has notched up 25 million registered users on its platform.
In addition, PayPay's growing network now has over 1.94 million merchant partners and local stores in Japan, who have embraced the payments platform and its innovative QR code-based solutions. Japan is witnessing a new digital payment revolution with PayPay whose technology and digital payment ethics are based on the strong foundation of Paytm's decade long experience in this space.
PayPay started its operations in October 2018 with the aim to promote broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores. Paytm which is the pioneer of QR-technology in India and has recently launched a series of products including the All-in-One QR Code and the All-in-One Android POS, is powering PayPay's seamless mobile payments to millions of merchants in Japan via its QR-code and Barcode based technology. Going forward many of Paytm's industry-first solutions would be incorporated into PayPay which would be further expanding its features and services for smartphone payments users.
Aditya Mhatre, Vice President - Paytm said, "PayPay's success is a testament to Paytm's ability to leverage its technology and business knowledge to expand globally. Just like India, Japan has embraced digital payments, which has helped our user numbers jump from five million to 25 million in a matter of months. It’s amazing that Paytm is responsible for the mobile payment and cashless revolution in Japan after radically transforming the Indian digital payments landscape. The success of PayPay proves that our industry-leading solutions can be easily ported to suit the needs of any country or market.”