\tSoftBank mobile payment JV PayPay hit 20 million users in Japan, with plans in place to continue its frequent promotional campaigns to drive further growth in users and cashless transactions.<\/p>\n
The service, which is a joint venture between SoftBank and Yahoo Japan, launched in October 2018 and reached 15 million users within the first 12 months of operation [1].<\/p>\n
Its latest 5 million users were added in 47 days, during which it undertook a thanksgiving campaign and offer related to its reward points scheme. The activity, PayPay noted, contributed to the increase of users on the system.<\/p>\n
PayPay will launch a number of promotional schemes over the next month including a reward boost, cashback initiative and lottery for users.<\/p>\n
Cash heavy
\nJapan had been viewed as a tough market for mobile payment companies. On announcing the launch of PayPay, SoftBank estimated 80 per cent of transactions in the country were made using physical cash.<\/p>\n
However, authorities are keen to drastically decrease the use of physical currency and have set lofty national targets [2].<\/p>\n
In addition to activities by brands including PayPay, several of the country\u2019s providers banded together to form the Mobile Payment Alliance [3] to promote the use of the technology.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/softbank-mobile-payments-jv-reaches-15m-users\/
\n[2] https:\/\/www.mobileworldlive.com\/asia\/asia-news\/softbank-sets-lofty-targets-for-japan-payments-play\/
\n[3] https:\/\/www.mobileworldlive.com\/money\/news-money\/ntt-docomo-backs-japan-payment-project\/<\/p>\n","protected":false},"excerpt":{"rendered":"
SoftBank mobile payment JV PayPay hit 20 million users in Japan, with plans in place …<\/p>\n
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