Paytm's Japan payment business PayPay reaches 25 mn users

Paytm's Japan payment business PayPay reaches 25 mn users
Photo Credit: Pixabay
26 Feb, 2020

Japanese smartphone-based payment settlement service PayPay has clocked 25 million registered users on its platform.

PayPay is a joint venture between SoftBank, Yahoo Japan Corporation, and One97 Communications-owned Paytm.

Founded in 2018, PayPay’s network now has over 1.94 million merchant partners and local stores in Japan, Paytm said in a statement.

“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,” Aditya Mhatre, VP, Paytm said. 

The company aims to promote cashless payments to both consumers and affiliated stores in Japan, the statement added.

PayPay claims to have recorded over 100 million payments in December last year.

Read: Paytm enters social commerce with MyStore

In India, Paytm is aggressively trying to onboard small merchants onto its platform. It recently launched All-in-One Android PoS (point of sale) device and Paytm Business Solutions for its merchant partners and SMEs (small and medium-sized enterprises). 

In January, Paytm announced its plan to scale up its online lending business across India. The Noida headquartered company also launched all-in-one QR (quick response) for merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account free of cost. In July last year, the company partnered with Clix Capital to offer loans as a deferred payment option for consumers and to merchants as credit lines. 

Read: Payments banks’ FY19 losses increase 21%: RBI