SoftBank and Yahoo Japan JV have partnered to build a new smartphone-based payments platform, set for an Autumn launch.
PayPay Corporation, the joint venture of SoftBank and Yahoo, is collaborating with India’s Paytm to create its new barcode and QR code scanning payment app, PayPay. The new service aims to promote cashless payments in Japan.
To increase the number of users, the companies will offer the solution for current customers of Softbank and Yahoo! Wallet, which currently sit at around 40 million accounts.
Following the launch of the new service, Yahoo! Wallet will terminate its operations in Japan. PayPay will be integrated with Yahoo! Japan ID, giving users of Yahoo! Wallet the ability to switch over and use the new solution.
Yahoo Wallet gives consumers a single location to store credit card and billing information, enabling them to complete mobile payments.
It was reported earlier in the year that Paytm received $445m in funding for its e-commerce division. The funds were supplied by Softbank and Alibaba, investing $400m and $45m, respectively.
Paytm is a mobile-based financial services platform that offers payments, banking, lending and insurance products. The platform implements a range of solutions including QR-based payments and an online banking app that serves over 500 million unserved and underserved consumers in India.
Recently there have been a number of banking businesses to partner and build new joint FinTech solutions.
Earlier in the year, Alior Bank has teamed with solarisBank, Raisin and Mastercard to launch a new pan-European digital bank. The enterprises are all contributing a part of their technology and network to create a combined digital bank, which has been supported by the opportunities established through PSD2 and open banking.
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