Paytm's Japanese foray PayPay reaches 25M users, close to 2M merchant partners
Indian payments leader, Paytm, recently said its Japanese smartphone-based payment settlement service PayPay has reached 25 million users on its platform.
In October of 2018, Paytm launched PayPay Corporation, its joint venture with SoftBank Corp (‘SoftBank’), Yahoo Japan Corporation (Yahoo Japan). The joint venture aimed to promote broader use of cashless payment in Japan and to provide highly convenient digital payment services to both consumers and affiliated stores.
To give a context, in August 2018, PayPay claimed to have 10 million users, and added another 15 million over the last seven months.
In addition to the users, PayPay also claimed it has over 1.94 million merchant partners and local stores in Japan, who have embraced the payments platform and its QR code-based solutions.
Speaking about the traction, Aditya Mhatre, Vice President, Paytm, said,
"PayPay's success is a testament to Paytm's ability to leverage its technology and business knowledge to expand globally. Just like India, Japan has embraced digital payments, which has helped our user numbers jump from five million to 25 million in a matter of months. It’s amazing that Paytm is responsible for the mobile payment and cashless revolution in Japan after radically transforming the Indian digital payments landscape.”
Paytm, in a statement, also stated that it is also leveraging its new product suite involving - All-in-One QR Code and the All-in-One Android POS, to power payments on the PayPay platform to millions of merchants in Japan via its QR-code and Barcode-based technology.
Further, around December last year, PayPay recorded over 100 million payments in a single month.
Back home, Paytm claims to have over 300 million wallets, 100 million registered UPI handles, 220 million saved cards, 55 million bank accounts, and 16 million merchants at present.
(Edited by Megha Reddy)