PayPal acquires Japanese BNPL platform for $2.7 billion

Texas News Today

As the fintech sector is booming like never before, fintech start-ups have expanded and expanded their businesses on an unprecedented scale. The expansion included an acquisition in which US-based fintech player PayPal acquired Japan’s Buy Now Pay Later (BNPL) platform Paydi, primarily for about $2.7 billion in cash. I announced it.

Following the acquisition, Pedi will continue to operate as normal, with President and CEO Sugi Riku and President Russell Summer retaining their positions.

According to PayPal, the acquisition of Paydi enhances functionality, delivery and relevance in Japan’s domestic payments market (the world’s third-largest e-commerce market) and the company’s existing cross-border e-home commerce business. In addition, this will increase the market share of PayPal in Japan.

Peter Kennevan, Japan’s Vice President for PayPal, said: “The combination of Paddy’s brand, capabilities and PayPal’s expertise, resources, and talented team with a global scale lays a strong foundation for accelerating momentum in this strategically important market.” “

The pandemic has helped the BNPL vertical to grow very strongly as people are cash-strapped. It is therefore no surprise that it caught the attention of the world’s leading fintech players who changed the situation by including BNPL solutions in their product portfolio. PayPal is up to date, but it certainly isn’t the last.

With over 6 million registered users, Payy allows users to shop online and make monthly payments at convenience stores or by one-time billing by bank transfer. It acts as an intermediary between Japanese consumers and merchants and uses the latest technologies such as machine learning to determine the creditworthiness of consumers associated with a particular purchase. Then take those transactions in seconds and guarantee payment to your merchants.

“There’s no better home than PayPal, which has taken away the friction of online shopping for more than 20 years, as Pedi continues to grow and innovate,” said Qamar. “Japan has been a vibrant environment for growth to date, and we are honored to recognize the efforts and potential of our team as a global leader. Our mission is to save you the hassle of shopping with PayPal. There is work to be done. Further can be achieved.”

“Money is just the beginning of our journey. Joining PayPal accelerates our plans to move beyond e-commerce and build our services into a new shopping standard,” said Sugi. Growth. “PayPal is a founding partner of PayPal and looks forward to working with you to create more value. Thanks to the merchant and user community for helping us reach this important milestone.”

PayPal acquires Japanese BNPL platform for $2.7 billion

source link PayPal acquires Japanese BNPL platform for $2.7 billion

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