SoftBank CEO Masayoshi Son in an earnings call appreciated India’s leading digital financial services platform Paytm for its technological superiority in financial services. The billionaire investor acknowledged the role of Paytm in making Japan’s PayPay the top and most used digital payments app in the country. He said that the original technology behind PayPay was powered by Paytm, an Indian company that the Vision Fund has invested in. PayPay in a short span of time has become Japan’s number 1 payments app with more than 40 million registered users.
Masayoshi Son said, “PayPay is by far #1 payment company in Japan. Well, PayPay was not developed by Yahoo! Japan. Yahoo! Japan worked together with PayPay. And PayPay was not necessarily developed by SoftBank. And SoftBank helped them in terms of sales. But original technology came from Paytm, which is an Indian company, and Paytm is the company that Vision Fund invested in.” He further added while explaining how SoftBank Group’s synergy works that Paytm’s technology and its business model has evolved into a payment platform in Japan.
PayPay started its operations in October 2018 with the aim to promote broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores. Paytm which is the pioneer of QR-technology in India and has recently launched a series of products including the All-in-One QR Code and the All-in-One Android POS, is powering PayPay’s seamless mobile payments to millions of merchants in Japan via its QR-code and Barcode based technology. Going forward many of Paytm’s industry-first solutions would be incorporated into PayPay which would be further expanding its features and services for smartphone payments users.
Paytm offers full-stack payments and financial solutions to consumers, offline merchants, and online platforms. The company is on a mission to bring half a billion Indians into the mainstream economy through payments, commerce, banking, investments, and financial services.