- Paytm’s PayPay reached around 10 million users in August 2018. Now it’s userbase is over 25 million.
- PayPay is a joint venture between SoftBank Corp, Yahoo Japan Corporation and Paytm which is operating in the Japan area.
Paytm might have been struggling in India to gain market share which is eaten up by other giants like GooglePay, Amazon Pay and others. But in Japan, Paytm’s PayPay is turning out to be a superstar product.
In addition to its growing userbase, PayPay has over 1.94 million merchants and local stores listen on the platform. With its unique QR code technology, Japan is experiencing a digital transformation.
The mobile payments app now has more than 100 million transactions done by the Japanese people while in the month of June, PayPay had around 8 million users.
Vijay Sekhar Sharma founder and CEO of Paytm thanked India for giving all the inspiration and motivation with which it was not much difficult to foray into the Japanese market with PayPay with such a strong response.
PayPay – A Short Instigation
PayPay started its operations in October 2018 with an aim to promote a cashless payment tradition in Japan (just like the company did in India) and to provide highly convenient services to both consumers and affiliated stores.
Paytm having pioneered in QR-code in India recently launched a series of products including all-in-one QR code and All-in-one Android POS – which has proved to be a good backup for their product PayPay.
“Success of PayPay is a testament to Paytm’s ability to leverage its technology and business knowledge to expand globally. Just like India, Japan has embraced digital payments, which has helped our userbase to jump from 5 million to 25 million in a matter of months. It is amazing that Paytm is responsible for the mobile payment and cashless revolution in Japan after radically transforming the Indian digital payments landscape. The success of PayPay proves that our industry-leading solution can be easily ported to suit the needs of any country or market.” – Aditya Mhatre, VP of Paytm commented.
In December last year, PayPay crossed 100 million userbase milestones in a single month.
Coming back to India, Paytm claims to have over 300 million wallets, 100 million registered UPI handles, 220 million saved card details, 55 million bank accounts, and 16 million merchants as of now.
While Paytm struggles in India, it was a wise and clever move to foray into another market which is more or less as populated as India is and where people still rely on cash payments.
However, with growing userbase, it will definitely attract other players to enter the market. All we have to see is will PayPay lose its market share just like Paytm did in India or it will come with competitive strategies to surpass anyone that tries to compete with it.
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