PayPay, the Softbank-backed fintech firm in Japan has announced a partnership with the local unit of Binance this week. The aim of this partnership is to integrate PayPay’s QR-based payment system with Binance Japan’s crypto purchase services.
The service will only support spot trading of crypto assets and not services like order book trading. Users will be able to make use of their PayPay points to make crypto withdrawals and deposits in real time.
The development was announced by the official X handle of Binance Japan on Friday, November 21.
“You can buy crypto assets through deposits of PayPay Money. Trading is available from 1,000 yen, 24 hours a day, 365 days a year. The withdrawal fee is 110 yen per transaction,” the announcement said.
Those interested in exploring the service will first have to go through an identity verification process on both Binance Japan as well as on PayPay. First time users will be able to try the service from within the Binance Japan app under the “Add Assets” option on the homepage.
Engaging with a related post on X, Binance co-founder Changpang Zhao (CZ) said that the deal took some months to finalize because there are multiple things going on in the background.
PayPay was formed in July 2018 as a joint venture co-owned by SoftBank and internet company Yahoo Japan. Its collaboration with Binance Japan initiated last month when it acquired a 40 percent stake in the crypto exchange. Binance Japan’s General Manager, Takeshi Chino, at the time of announcement, had called this a strategic alliance that represented a significant step towards the future of digital finance in the country.
Japan is presently in the process of chalking out its crypto regulations. Japan’s Financial Services Agency (FSA) is looking to finalize these rules by 2026.