Quick take:
- The acquisition combines PayPay’s massive user base of over 70 million with Bianance’s global blockchain experience.
- The two companies want to make it easier for everyday users in Japan to access crypto.
- PayPay offers “seamless: cashless payments at a wide range of merchants, online stores, and for peer-to-peer transfers in Japan.
PayPay Corporation, a portfolio company of SoftBank, has entered into a strategic partnership with Binance Japan to integrate crypto features into the PayPay Money wallet app.
As part of the strategic partnership, PayPay has acquired a 40% equity stake in Binance Japan, the companies announced on Thursday.
The partnership combines PayPay’s massive user base of over 70 million with Bianance’s global blockchain experience. According to the announcement, the initial integration will allow PayPay users to buy crypto using PayPay Money and withdraw directly to PayPay Money.
PayPay is one of the leading cashless digital payment service providers in Japan, allowing users to make payments at a wide range of merchants, online stores, and for peer-to-peer transfers.
On the other hand, Binance Japan leverages Binance’s innovative Web3 and crypto products, tapping into the company’s global experience.
Masayoshi Yanase, Corporate Officer of PayPay Corporation and Head of the Finance Business Strategy Division within the Finance Business Group, commented: “PayPay has been advancing digital finance through smartphones in collaboration with our group companies in the financial sector, which share strong synergies with payments.”
According to Yanase, the partnership allows PayPay to provide Binance users with solutions that combine the convenience and security of PayPay. “We will continue contributing to the development of Japan’s financial infrastructure by enabling a wide range of financial services tailored to user needs.”
Takeshi Chino, General Manager of Binance Japan, said: “This strategic alliance represents a significant step toward the future of digital finance in Japan. By combining PayPay’s extensive user scale with Binance’s innovative technology, we will be able to make Web3 more accessible to people across the country and deliver secure, seamless digital asset services.”
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