With PayPay Launch, Paytm Marks A Formal Entry In Japan in July, PayPay Corporation teamed up with Paytm to utilize its technology and expertise in mobile payments

By Nidhi Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Paytm

One97 Communications-backed Paytm is looking to expand its business aggressively beyond India. To drive its international expansion, the online payment firm began its services in Canada last year. Canadian users pay for utilities such as phone, cable, internet, electricity and water bills through the Paytm app.

This year, the company has launched PayPay, a smartphone-based settlement service in Japan, in a joint venture with PayPay corporation, SoftBank Corp. and Yahoo Japan Corporation. In July, PayPay Corporation teamed up with Paytm to utilize its technology and expertise in mobile payments.

Streamlining Online Payments

PayPay, a feature-rich smartphone-based settlement service will allow users to store money from a bank account in their PayPay wallet and make payments with it. Incepted in October 2018, PayPay aims to promote the broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores. It is built around the QR-technology from "Paytm", 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. QR code payment is a contactless payment method which is performed by scanning a QR code from a. mobile app.

"We are happy that the PayPay Corporation is utilizing our QR-technology and prowess to enable cashless payments in Japan. 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," "said Madhur Deora, CFO & SVP, Paytm adding that this venture will give substantial growth to their business as they provide personalized and seamless digital payments experience to their customers.

Push To Lure Users

With its launch, PayPay, has also announced an exciting proposition for its users and will be giving electronic money equivalent to 500 Yen to each customer downloading the application and authenticating it with a valid Japanese mobile number. In addition, 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.

Post the launch of PayPay, Yahoo Japan will terminate Yahoo! Wallet's current smartphone settlement function. The platform will be seamlessly integrated with Yahoo giving existing customers the option to use PayPay functions within Yahoo! JAPAN's smartphone application.

"Paytm is the leader in smart electronic payment services in India and has achieved great success. 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," said Ichiro Nakayama, President & Representative Director CEO, PayPay Corporation.

Nidhi Singh

Former Correspondent, Entrepreneur Asia-Pacific

A self confessed Bollywood Lover, Travel junkie and Food Evangelist.I like travelling and I believe it is very important to take ones mind off the daily monotony .

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Leadership

From Elite Athletes to Tech Titans — Discover the Surprising $100-Million Habit That Leads to Extraordinary Success

Success comes from mastering focus, eliminating distractions and prioritizing what truly matters.

Business News

'I Want the Best People on Our Teams': Meta Is Laying Off More Than 3,000, CEO Mark Zuckerberg Calls for 'Extensive Performance-Based Cuts' — Read the Memo

In an internal memo shared on Tuesday, Zuckerberg said it's "going to be an intense year" at the company.

Side Hustle

'Hustling Since Middle School': She Started a Side Hustle on Facebook Marketplace — Then a 'Game-Changer' Grew It to $25,000 a Month

Leena Pettigrew's "entrepreneurial spirit" inspired her to build a business with earnings that outpaced her full-time income.

Business News

'Nothing More Powerful': How to Transform Companies From Within as an 'Intrapreneur,' According to a Microsoft Office and Yahoo! Shopping Cofounder

Elizabeth Funk wrote the first code for Yahoo! Shopping on her own, based on skills she acquired from an "HTML for Dummies" book.