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Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

Sanchita DashAug 8, 2019, 15:28 IST

Business Insider India

Softbank CEO Masayoshi Son with Paytm founder Vijay Shekhar Sharma@vijayshekhar

Vijay Shekhar Sharma took to Twitter to announce that PayPay has garnered 10 million users.
PayPay was formed out of Paytm’s partnership with SoftBank and Yahoo Japan.
SoftBank is one of the major investors in Paytm.

Paytm’s Japanese subsidiary PayPay has managed to net 10 million users in ten months.

Paytm founder Vijay Shekhar Sharma took to Twitter to announce the same.

In October 2018, Paytm had partnered with SoftBank and Yahoo Japan to offer digital payment solutions in Japan. Through this collaboration, Yahoo Japan suspended its own wallet giving PayPay direct access to all its Yahoo wallet consumers.

SoftBank is one of the major investors in Paytm. In 2017, Softbank had made its biggest bet in the Indian ecosystem by pumping in $1.4 billion in Paytm.

Paytm is not the only Indian startup backed by Softbank which went to Japan. Ritesh Agarwal’s OYO where Softbank is a key investor, entered the Japanese market, thanks to its famous backer. In April 2019, OYO announced its partnership with SoftBank Corp and SoftBank Vision fund to launch Oyo Hotels Japan.