Softbank teams with Paytm, Yahoo for Japanese payment service

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Softbank and Yahoo are tapping with India’s Paytm for a new QR code-based mobile payments called PayPay.

The joint venture will launch in autumn to face against the existing payment service providers in Japan- Apple, Alibaba and Samsung.

With Paytm’s QR code payments technology and Yahoo Wallet userbase, the partners look to make PayPay a dominant figure in the Japanese payments, which is still dominated by cash.

Though the existing Yahoo Wallet will shut down in favor of PayPay, its user-base will be utilized for the new payments platform.

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