Paytm launches QR-based payment service PayPay in Japan

One97 Communications, which owns mobile payments firm Paytm, today launched a smartphone-based settlement service in Japan called PayPay. Launched in collaboration with SoftBank Corp and Yahoo Japan Corporation, the new service will allow users to store money from a bank account in their PayPay wallet and make payments with it.

"We are glad to announce that PayPay corporation, a joint venture between SoftBank Corp., Yahoo Japan and Paytm has launched PayPay, a smartphone-based settlement service in Japan. PayPay had teamed up us for the launch, and our technology and payments wisdom has been the foundation for building this solution," said a company blog.

PayPay is a feature-rich smartphone-based settlement service that allows users to store money from a bank account in their PayPay wallet and make payments with it, said the statement, adding that "PayPay aims to promote the broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores."

PayPay is built around our QR-technology, which leads the digital payments ecosystem and has pioneered the QR based technology, offering seamless mobile payments to over 350 million customers and over 9.5 million offline merchants, it said.

Launching PayPay, the company has also announced "an exciting proposition for its users and will be giving electronic money equivalent to 500 Yen to each customer downloading the app and authenticating it with a valid Japanese mobile number."

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Further, the company said, "for sellers and establishments, PayPay will not be charging any fee for ‘user scan’ type settlement for three years till the end of September 2021."