Softbank and Yahoo tap Paytm QR tech for Japanese mobile payments service

Softbank and Yahoo tap Paytm QR tech for Japanese mobile payments service

Softbank is tapping into its relationship with India's Paytm for a new QR code-based mobile payments joint venture with Yahoo Japan.

The Softbank-Yahoo JV, called PayPay, will launch in the autumn, taking on the likes of Apple, Alibaba and Samsung in Japan's mobile payments market.

Japanese payments are still dominated by cash, prompting the government to set a target for increasing the percentage of transactions that use electronic money from 20% to 40% by 2025.

PayPay will use QR code payments technology developed by Paytm, India's leading mobile money firm, in which Softbank is an investor.

The partners hope to take advantage of the existing Yahoo Wallet userbase, which has tens of millions of users but will shut down in favour of PayPay.

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