PayPay, the Japanese mobile wallet owned by SoftBank through LY Corporation, which combines the businesses of LINE and Yahoo Japan, announced a significant milestone last week with over 60 million registered accounts after 5 years of service.
With 60 million accounts, PayPay has become the mobile wallet with nearly half of Japan’s population as users, accounting for 2 out of 3 smartphone users in the country.
Masamichi Yasuda, CEO of PayPay, revealed that the company plans for an IPO and aims to increase its user base by approximately 30 million accounts through collaboration with LINE.
PayPay started its business in 2018, originating from the idea of Masayoshi Son, CEO of SoftBank group, when he invested in Paytm, an Indian mobile wallet, through the Vision Fund in 2017. PayPay still has many opportunities in Japan as the country is known for its preference for cash payments. However, the government is actively promoting cashless transactions, aiming for non-cash transactions to account for 36% of all small transactions by 2022.
Rakuten Pay is a key competitor of PayPay in Japan, offering a similar service.
Source: PayPay and Japan Times
TLDR: PayPay, the Japanese mobile wallet, has reached a significant milestone of over 60 million registered accounts after providing its services for 5 years. With nearly half of Japan’s population as users, PayPay plans to grow its user base by 30 million accounts through collaboration with LINE. Despite Japan’s preference for cash payments, the government aims to increase cashless transactions in the country. Rakuten Pay is a major competitor for PayPay in Japan.