Payments infrastructure provider PayPay has bought a 40% stake in Binance Japan, as per announcements made by both companies. PayPay and Binance Japan plan to launch joint services that will use technology from both firms, specifically Binance’s access to a wide range of cryptocurrencies, and PayPay’s expertise in payment technology.
Binance Japan’s General Manager, Takeshi Chino, said the strategic alliance represented a significant step towards the future of digital finance in the country, and that PayPay’s ability to scale users and Binance’s technology will help to make Web3 more accessible to people.
PayPay’s corporate officer, Masayoshi Yanase, said that the company is aiming to provide Binance users with solutions and will continue to make contributions to the development of Japan’s financial system.
PayPay was launched in 2018 as part of a joint venture between SoftBank Group and Yahoo Japan. The initial QR code and barcode payment service offered by the fintech was developed in collaboration with Indian fintech PayTM.
The Tokyo-headquartered fintech suffered a breach in 2020, in which its entire database of financial and personal information for its users was compromised.