icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

PayPal pushes into buy-now-pay-later sector by acquiring Japanese firm Paidy

PayPal pushes into buy-now-pay-later sector by acquiring Japanese firm Paidy
PayPal has announced it will purchase the Japanese firm Paidy for $2.7 billion, as the US fintech giant seeks to expand into the sphere of buy-now-pay-later products that witnessed a great boom thanks to the Covid-19 pandemic.

The deal, which is expected to close in the fourth quarter of 2021, will broaden PayPal’s opportunities in Japan, one of the world’s most strategically important markets, according to Peter Kenevan, Vice President, head of Japan at PayPal.

“Paidy pioneered buy now, pay later solutions tailored to the Japanese market and quickly grew to become the leading service, developing a sizable two-sided platform of consumers and merchants,” the senior manager said.Japan is a home to the world’s third biggest e-commerce market.

Also on rt.com PayPal to offer stock-trading platform to American users – reports

However, around three-quarters of all purchases are still paid-for in cash. Launched in 2010, it allows Japanese consumers to purchase goods online and pay for them each month in person at local convenience stores. The company reportedly operates 4.3 million active accounts.

The announcement comes a month after American financial services Square said it would buy Australian fintech company Afterpay for $29 billion. The step was regarded as the beginning of a consolidation in the sector.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts