Paytm has launched a QR-based smartphone payment settlement service in Japan called PayPay in collaboration with SoftBank and Yahoo Japan Corporation.
Paytm had formed a joint venture called ‘PayPay’ corporation with SoftBank and Yahoo Japan, and its first offering is a smartphone-based settlement service that allows users to store money from a bank account in their “PayPay” wallet and make payments with it. Paytm said it is built around its QRtech which it has deployed in India to allow customers to make offline payments.
“…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,” Madhur Deora, CFO, Paytm said.
Paytm is also offering a ‘cashback’ to users of PayPay in Japan, a concept which the SoftBank and Alibaba-backed company has been pushing aggressively in India to win new customers and see more transactions. PayPay will give electronic money equivalent to ¥500 to each customer downloading the application and authenticating it with a valid Japanese mobile number.
Along with this, for sellers and establishments, “PayPay” will not charge any fee for user scan type settlement till the end of September 2021.