PayPal Aims to Acquire Paidy, a Well Known Japanese Firm

In order to augment its presence in Japan, PayPal is planning on the acquisition of Paidy with a transaction worth $2.7 billion.

PayPal Aims to Acquire Paidy, a Well Known Japanese Firm

An important member of America’s companies serving in digital payments, PayPal, recently announced that it has decided to buy Paidy, a financial solutions provider from Japan, worth 300 billion yen (nearly 2.7 billion dollars), mostly in cash.

In line with a formal press notice, the acquisition will allow PayPal to expand its potential, power, and transactions in the Japanese market. Moreover, in its most recent publication, PayPal put forth the huge capability of the Japanese e-commerce market that is not realized 100%.

Paidy is known in Japan for its “buy now and pay later” approach. The local clients are enabled to buy online and make the payment of them monthly in a combined bill at a corner store or by wire transfer.

Peter Kenevan, Vice President, Head of Japan at PayPal, reflected on the acquisition announcement:

“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. Combining Paidy’s brand, capabilities, and talented team with PayPal’s expertise, resources, and global scale will create a strong foundation to accelerate our momentum in this strategically important market.”

Market of Japan

In the contemporary world, Japan is the third-largest e-commerce market. In the country’s payments industry, the increase in technology usage was considerably high between the years 2019-2021.

“There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years.” said Russell Cummer, the founder and Executive Chairman of Paidy. “Japan has been a vibrant environment for our growth to date and we’re honored to have our team’s hard work and potential recognized by a global leader. Together with PayPal, we will be able to further achieve our mission of taking the hassle out of shopping.”

SEE ALSO: 3 Tips for Retail FX Traders To Maximize Their Profit

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