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PayPay surges ahead in Japan’s digital payments race
- Friday | 11th June, 2021
TOKYO (Reuters) – For six decades, shoppers at Mikawaya, a rice dealer in eastern Tokyo, paid in cash – until sales staff from payments app PayPay swept through the low-lying district, persuading the store to give their product a try. Late to payments, SoftBank drove uptake of PayPay through cash-back campaigns. Burning cash on such rebates and – for now – not charging smaller businesses for its payment service, PayPay is losing money. MADE IN JAPANBy using QR codes, PayPay can process payments via smartphones and without the need for costly terminals, emulating frontrunners from markets lacking retail infrastructure. The railway’s Felica-based Suica has 9 million users on mobile and 80 million smartcards issued.
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