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PayPal To acquire Japanese payments solution provider Paidy
PayPal have announced that it has agreed to acquire Paidy, a leading two-sided payments platform and provider of buy now, pay later solutions in Japan, for ¥300 billion or approximately US$2.7 billion, principally in cash. The acquisition will expand PayPal’s capabilities, distribution and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company’s existing cross-border ecommerce business in the country.
“Paidy pioneered buy now, pay later solutions tailored to the Japanese market and quickly grew to become the leading service, developing a sizable two-sided platform of consumers and merchants, Combining Paidy’s brand, capabilities and talented team with PayPal’s expertise, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market.”
– Peter Kenevan, vice president, head of Japan at PayPal
Paidy’s payment services allow Japanese shoppers to make purchases online, and then pay for them each month in a consolidated bill at a convenience store or via bank transfer. The company uses proprietary technology to score creditworthiness, underwrite transactions and guarantee payment to merchants. Paidy helps consumers feel comfortable and safe while shopping online and drives increased conversion rates, average order values and repeat purchases for merchants.
Paidy’s ability to rapidly develop and successfully launch innovative products, including its Paidy 3-Pay monthly installment offering, has driven strong engagement with its more than six million registered users and helped establish strategic relationships with leading global brands and online marketplaces. Its integrations with PayPal and other digital and QR wallets through Paidy Link expands Paidy’s reach to online and offline merchants beyond its platform.
“There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years, Japan has been a vibrant environment for our growth to date and we’re honored to have our team’s hard work and potential recognized by a global leader. Together with PayPal, we will be able to further achieve our mission of taking the hassle out of shopping.”
– Russell Cummer, founder and executive chairman of Paidy