Smartphone payment service launched in Japan by paytm
- The PayPay smartphone payment service
launched in Japan by Indian payments entity Paytm in joint-venture with
SoftBank and Yahoo during October 2018.
- ‘PayPay’ is the name
of the barcode-based smartphone payment service.
- It is India’s largest payments service provider.
- This new service has been launched in a joint venture with
SoftBank Corporation and Yahoo Japan Corporation.
- PayPay allows users to store money from a bank account in
their “PayPay” wallet and aims to promote the use of cashless payment in Japan,
which is heavily dependent on cash for payments.
- Japan accounts for only 20% of
overall cashless transactions in the country.