Japanese holding company SoftBank has announced that it intends to double the number of users of its PayPay QR code payment app in the next three to four years. According to an executive at Z Holdings (SoftBank’s internet subsidiary), the conglomerate is aiming to extend its lead in the cashless payments niche.
Since launching three years ago, the PayPay app has attracted over 36 million unique users. Using SoftBank’s sales network and aggressive rebates, PayPay has influenced a massive consumer shift from traditional cash payments to digital money transfers.
In a joint interview with fellow co-CEO Takeshi Idezawa, Z Holdings co-CEO Kentaro Kawabe declared: “We want to double the user base during the investment phase.”
It was also announced that Line Pay, Z Holdings’ money transfer platform, would be merged with PayPay by the end of 2022. While Line Pay currently has 39 million users, it is less frequently used than PayPay and has also signed up fewer merchants.
Following the outbreak of QR code technology, Japan has experienced a surge of popularity for cashless payment options. Currently, QR code payment apps are leading the pack, particularly with features such as the waiver of transaction fees for merchants.
