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Paypal And Softbank Team Up

Paypal has teamed up with Softbank to tackle online payments in Japan, with each firm trumping up a billion yen (£7.8 million) for the project. The CEO of the new venture will be current Softbank mobile director Hiroaki Kitano.

Paypal will also be pushing its triangular dongle in the hope of becoming the dominant mobile payment provider. While it faces competition for the service in the US and Australia, with previously launched Square already being established in those markets, in Japan Paypal will be the one with the headstart - making it much more likely to dominate.

According to Paypal's figures, the Japanese retail market is worth as much as 134 billion yen (just over a billion pounds), meaning there's a lot of potential in the sector. With over 30 million new smartphones expected to be sold in the country over the coming year, the market for mobile payments as well as online shopping, will certainly expand.

David Marcus, president of Paypal, recently tweeted: "Thrilled to partner with @masason and SoftBank to make PayPal the leading digital payments brand in Japan! #fb."

Source: TechCrunch