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SoftBank Partners With Paytm For Payment Services In Japan By Year-End
Masayoshi Son, chairman and chief executive officer of SoftBank Corp. (Koki Nagahama/Getty Images)
Dozens of Paytm employees are currently in Japan helping SoftBank to begin its mobile digital payments service in the country, Economic Times has reported.
SoftBank is a major investor in One97 Communications, Paytm’s parent company and wants to setup its digital payment platform in Japan as the country moves towards digital payments at the back of regulatory changes. The changes are expected to come into effect within the next two years.
An announcement about the collaboration is reportedly imminent. The collaboration will allow the company to take its services global as several other payment services too are looking at expanding their footprint beyond their current limited geographies. The sector is yet to see the emergence of a global leader with several contenders like PayPal, Ant Financial, Tencent Holdings among others in the fray.
SoftBank’s system could even go beyond digital payments into other financial services like lending and insurance.
The trend of Indian startups going global is slowly picking up with Ola cabs having announced its plans to expand into Australia, and Oyo Rooms targeting China for expansion.
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