Paytm, the Indian e-commerce payment system and digital wallet company based out on Noida announced on Monday that the firm has launched a QR based smartphone payment service in Japan called PayPay.
Paytm has launched the service in collaboration with SoftBank Corp and Yahoo Japan Corporation. With the newly developed service, users can store money from a bank account in their PayPay wallet and make payments with it.
With the launch of PayPay, Yahoo Japan will terminate Yahoo! Wallet, its current smartphone settlement function.
PayPay is based on QR (quick-response) code technology, which Paytm has deployed in India to allow customers to make offline payments.
“We are happy that the PayPay Corporation is utilizing our QR-technology and prowess to enable cashless payments in Japan. We are sure that this will give substantial growth to their business as they provide personalized and seamless digital payments experience to their customers. PayPay was developed with teams from three different countries working together…” said Madhur Deora, chief financial officer, and senior vice president, Paytm.
The company is also offering a ‘cashback’ to users of PayPay in Japan, PayPay will give electronic money equivalent to ¥500 to each customer downloading the application and authenticating it with a valid Japanese mobile number. It will also forego fee for the barcode services until September 2021.
“It is a great strength to introduce Paytm’s high technology and solution to PayPay and I am confident that it will greatly contribute to the expansion of users in Japan,” Ichiro Nakayama, president, and representative director CEO at PayPay Corporation.