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Paytm launches barcode-based payment service PayPay in Japan, says report
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Paytm launches barcode-based payment service PayPay in Japan, says report
Oct 22, 2018 10:03 AM

Digital payments firm, Paytm, has launched a smartphone based payment service called PayPay in Japan, reported LiveMint.

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As per the report, the company said the service is launched as a joint venture with SoftBank Corporation and Yahoo Japan Corporation.

According to the report, PayPay will allow users to store money from a bank account in their “PayPay” wallet. The service aims to promote cashless payment in Japan, which is heavily dependent on cash for payments, said the report.

“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,” Ichiro Nakayama, president and representative director chief executive officer at PayPay Corporation was quoted as saying in the report.

Paytm plans, according to the report, to offer 500 yen in electronic money to new customers downloading the PayPay application in Japan. It added that it will also forego fee for the barcode services until September 2021.

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