PayPay Corporation, a joint venture of SoftBank Group Corp., SoftBank Corp., and Yahoo Japan Corporation, has reached 10 million user registration (*1) for its smartphone payment service “PayPay” as of August 7, 2019.
Reaching 10 million users in just 10 months since the service launch on October 5, 2018, was not only due to various campaigns by PayPay but with a synergetic effect from the momentum of cashless payment movements in Japan and campaigns ran by the central/ local governments and cashless payment providers.
PayPay established 20 sales bases nationwide prior to the service launch to increase the number of merchants with the aim to penetrate the convenience of cashless payments in both urban and local areas. Through this, the installation of PayPay rapidly expanded among large franchise chains and small shops who traditionally only accepted cash payments. As a result, we have acquired over 1 million merchants (*2) as of August 8.
Transaction numbers are growing in proportion to the increase of users and merchants and the cumulative number exceeded 100 million (*3) since the service launch. This indicates that using “PayPay” for daily purchases is becoming a daily habit for users.
Harinder Takhar, CEO – Paytm Labs, Canada said, “PayPay’s success is a testament to Paytm’s ability to leverage its technology and business knowledge to expand globally. Its amazing that Paytm is kickstarting the mobile payment and cashless revolution in Japan after revolutionizing Indian digital payments ecosystem.”
PayPay will continue to provide convenient smartphone payments to all retail shops, service providers and users, and will strive to create a society where people can buy anything through cashless payments in every corner of the country with a safe and secured service for our users.