Japan’s SoftBank aims to double PayPay users in cashless payments fight

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

SoftBank aims to double user numbers at its PayPay QR code payment app in the next three to four years, an executive at its domestic internet subsidiary Z Holdings told Reuters on Wednesday, as it seeks to extend its lead in cashless payments.

PayPay has used SoftBank‘s sales network and aggressive rebates to attract 36 million users in the three years since launch, driving a shift to push Japanese consumers to digital payments away from their traditional preference for cash.

“We want to double the user base during the investment phase,” Z Holdings co-CEO Kentaro Kawabe said in a joint interview with fellow co-CEO Takeshi Idezawa.

The two executives, dressed in matching red and green ties, spoke following the completion of the merger of internet business Yahoo Japan with chat app operator Line – putting the latter’s 86 million domestic users under SoftBank‘s umbrella.

Z Holdings announced on Monday that Line Pay, which has 39 million users but is less widely used and has signed up fewer merchants, would be merged with PayPay in 2022.

Japan has seen a proliferation of cashless payment options in recent years, with QR code payment apps banking on user rebates and lower investment costs and waived transaction fees for merchants to drive growth.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.