SoftBank establishes plans for new mobile wallet in Japan

30. July 2018.

PayPay Corp., a joint venture established by SoftBank Corp. and Yahoo Japan Corp., announced the company will launch in fall 2018 a QR code-based mobile payments service called PayPay, according to a press release.

PayPay Corp. will team with India’s largest digital payment company Paytm, a SoftBank Vision Fund portfolio company, to use Paytm’s technology and expertise in mobile payments, according to a press release.

The companies said part of the reason why they’re pushing forward with the mobile wallet is to help steer Japan toward a cashless society. The aim, stated the release, is for PayPay to become the top provider of smartphone payment services in terms of the number of users as well as affiliated stores.

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