Paytm, SoftBank and Yahoo Japan collaborate to roll out services in Japan

Tinuku - PayPay Corp., a joint venture of SoftBank Group Corp. and Yahoo Japan Corp., has partnered with India’s largest payment services provider Paytm to launch barcode-based mobile payment services in Japan by November. The payments platform will be called PayPay and will help SoftBank build its mobile payment system and expand mobile payment in Japan.

“Masayoshi Son is a visionary entrepreneur who has seen it all, PC, telecom, mobile internet and now artificial intelligence, which is the way forward. We want to build a Paytm model on local artificial intelligence that allows us to take mobile payments to a large population where other digital methods haven’t fully penetrated,” said Vijay Shekhar Sharma, founder and chief executive at One97 Communications Pvt. Ltd that runs Paytm.

Tinuku Paytm, SoftBank and Yahoo Japan collaborate to roll out services in Japan

PayPay Corp. was established in June 2018 with the launch of PayPay and Yahoo Japan will terminate ‘Yahoo! Wallet’ its current smartphone settlement function. The ‘PayPay’ platform will be seamlessly integrated with Yahoo! JAPAN ID, giving existing “Yahoo! Wallet’ customers the option to use PayPay functions within Yahoo! JAPAN’s smartphone application.

“The Japanese government is taking measures to raise the cashless payment ratio to 40% by 2025 with a long-term goal of 80% the highest level globally,” Softbank said.

Softbank Group is one of the largest investors in Paytm and launched barcode or QR (quick response) code based technology in 2015. Today, offers seamless mobile payments to over 300 million customers and eight million merchants. Paytm’s QR-based payments technology gained momentum in India post demonetisation in November 2016. The launch of the zero-cost, QR code-based payment solution works without using the internet.

“PayPay Corporation, SoftBank, Yahoo Japan and Paytm will expand the number of users by including the customer base of SoftBank and ‘Yahoo! Wallet’ which comprises approximately 40 million accounts. They will also deploy the platform using SoftBank’s sales know-how and develop a tailored service offering leveraging Paytm’s technology,” Sharma added.