Photo Credits: Medium/Paytm BlogIndia’s payments startup, PayTM, which recently gained a valuation of $10 billion, has begun exporting its technology solutions to Japan. It has now launched a QR-based smartphone payment settlement system in the island nation, in partnership with SoftBank and Yahoo Japan Corporation, as reported by the Economic Times.
The partnership has resulted in a JV (Joint Venture) company called ‘PayPay’ corporation. PayPay’s new offering will allow Japanese consumers to store money in the company’s digital wallet and make payments through it. Paytm had first launched this service in India in 2016.
In order to incentivise the supply side and persuade merchants to accept PayPay solutions, the company will not charge user fees for payment settlements till the end of September 2021.
“PayPay was developed with teams from three different countries working together, it is a true testimony for us and our industry-leading solutions that can be easily ported to suit the needs of any country or market,” Madhur Deora, CFO, Paytm said.
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